David Di Pilla’s HMC Capital is calling on construction giant Lendlease to step up non-core asset sales and its simplification plans, in a bid to create value for long-suffering shareholders.

HMC Capital, sitting on a 4 per cent stake worth about $230 million, has sent a 15-page presentation to Lendlease’s board and management team and its own investor base, complete with what it thinks should be a new strategy and five-point plan to turnaround performance.