Shareholders owning 17.3 per cent of PRS Reit have called for the removal of chair of the board, Stephen Smith.
They also want to see non-executive director of the board Steffan Francis removed, proposing the pair are replaced by Robert Naylor and Christopher Mills respectively.
The group said, if appointed, the new directors would be called on to undertake a review of options to return value to shareholders.
Rebel shareholders include Waverton Investment Management Limited, CCLA Investment Management Limited, Alder Investment Management Limited, CG Asset Management Limited and Harwood Capital Management Limited.
Mills is the CEO and majority shareholder of Harwood Capital Management.
In a Stock Exchange update, PRS Reit confirmed it received the letter from the group, dated August 29.
It said: "The company is taking advice as to the validity of the requisition letter, and a further announcement will be made in due course."
The investors have requested a general meeting for shareholders take place to consider replacing the two top board members.
PRS Reit describes itself as the UK’s first quoted real estate investment trust to focus on high-quality, new-build family homes for the private rental market.
It has a portfolio of newly-built homes across major English towns and cities.
Its website said: "Our homes are professionally-managed, and we aim to provide residents with a much better rental experience than is standard.
"We also believe in helping to foster a sense of community, which means that we organise events for residents and provide support within the wider community."
tara.o'connor@ft.com
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