BUZZ-Hammerson: Star broker sees difficult years ahead

** British real estate investment trust Hammerson down ~5 pct

** 5-star Stifel analyst John Cahill cuts to "sell", does not believe that co's strategy will be sufficient to arrest the decline in the shares

** Hammerson plans to sell a further £500m+ of assets this year, though execution may be challenging says Stifel

** Brokerage assumes disposals are completed at an average 10% discount to book value to reflect this

** Jefferies cuts PT to 255p from 280p

** Broker says REITs remain over-costed, over-indebted and over-owned, holding unsaleable assets at high book values

** Major REITs risk self-inflicted dividend cuts to protect their balance sheet, Jefferies adds