Workspace considers further asset sales as battle with Saba Capital intensifies
Workspace Group has indicated it could accelerate property disposals as it prepares for a shareholder confrontation with activist investor Saba Capital Management, which has become the company's largest shareholder after significantly increasing its stake.
The UK flexible workspace provider said it currently has more than £200 million worth of assets available for sale and is evaluating the disposal of an additional £100 million in properties as part of its ongoing portfolio strategy.
Shareholder dispute escalates ahead of AGM
The announcement follows Saba Capital's decision to raise its ownership in Workspace to 29.1%, strengthening its campaign to reshape the company's leadership and strategic direction.
The hedge fund has called for sweeping governance changes, including the replacement of Workspace's non-executive directors, arguing that the company's prolonged share price discount relative to its net asset value reflects years of operational underperformance.
The competing visions are expected to dominate discussions at Workspace's annual general meeting scheduled for July 23.
Company defends long-term strategy
Workspace Chief Executive Charlie Green reiterated that management remains confident in its existing business plan, saying the company is focused on improving earnings while creating sustainable long-term value for shareholders.
Management has continued to position selective asset disposals as part of a disciplined capital allocation strategy rather than a response to activist pressure.
Since April 2025, Workspace has exchanged contracts or completed property sales totaling £138.4 million. During the first quarter, the company disposed of £12.6 million in assets at an average discount of 22.3% to their book value.
Strategic decisions under investor scrutiny
The growing dispute highlights broader trends in the commercial real estate sector, where activist investors are increasingly targeting property companies they believe are trading well below the value of their underlying assets.
Workspace has urged shareholders to reject all of Saba Capital's proposed resolutions, arguing that the current board and management team are best positioned to execute the company's long-term strategy.
The outcome of the upcoming shareholder vote could influence both Workspace's future governance and the pace of its property disposal program.
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