Workspace ramps up asset sales ahead of Saba showdown

Accelerating portfolio changes could offset urgency of Saba’s demands.

Workspace Group has expanded its property disposal program as it prepares for a shareholder vote on activist investor Saba Capital's proposals, suggesting the UK office landlord is taking steps to address investor concerns ahead of a pivotal boardroom showdown.

The company said it currently has more than GBP200 million ($268.9 million) of assets on the market and is considering selling a further GBP100 million ($134.4 million) of properties, according to a fiscal first-quarter business update.

The update came just one day after Saba increased its stake to approximately 29.1%, making it Workspace's largest shareholder ahead of the company's annual meeting on July 23.

The activist has argued that the company's shares trade at an unjustified discount to the value of its property portfolio and has called for a more aggressive program of asset sales, debt reduction, and capital returns to shareholders.

Since April 2025, Workspace has exchanged or completed more than GBP138 million ($185.5 million) of property disposals and continues to recycle capital, although recent sales have been completed at an average discount of 22.3% to book value, highlighting the challenges of unlocking asset values in the current commercial property market.

Workspace CEO Charlie Green said the company has “the right strategy to be a more earnings-focused business and maximize ​long-term sustainable value for all shareholders,” urging investors to vote against all of Saba’s proposals at the upcoming meeting.

However, whether this expanded disposal strategy is sufficient to satisfy shareholders remains uncertain. Saba continues to seek sweeping board changes and has nominated six directors, arguing that stronger oversight is needed to close the valuation gap and improve long-term returns.

For shareholders, the vote will offer an important test of whether incremental strategic changes are enough to restore confidence or whether investors are prepared to endorse a more activist-led approach to unlocking value.

Workspace Group’s stock was trading at GBP3.47 at 15:16 on Wednesday in London, up 1.2% from Tuesday’s close. The stock is down 12.4% year-to-date.

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