Workspace Eyes Further Asset Sales Amid Saba Capital Investor Showdown
Workspace's Asset Sale Strategy and Investor Tensions
Current Asset Sales and Future Disposals
July 15 (Reuters) - Britain's Workspace said on Wednesday it had over £200 million ($268.36 million) of assets up for sale and was mulling a further £100 million in disposals, as the flexible workspace operator heads into a showdown with activist investor Saba Capital Management.
Key Details of the Announcement
Here are some details:
Saba Capital's Increased Stake and Board Challenge
• The announcement comes a day after Saba disclosed that it had raised its stake in Workspace to 29.1%, making it the largest shareholder and strengthening its campaign to replace the board and pursue more aggressive strategic reforms.
Workspace's Strategic Response
• "We are confident that we have the right strategy to be a more earnings-focused business and maximise long-term sustainable value for all shareholders," Workspace Chief Charlie Green said in a trading update.
Saba's Push for Board Changes and Asset Disposals
• In June, Saba sought to replace Workspace's non-executive directors and identified a disposal roadmap covering 56 properties, arguing the company's roughly 50% discount to net asset value reflected years of underperformance.
Recent Disposals and Financial Impact
• Total disposals exchanged or completed have reached £138.4 million since April 2025; the company sold £12.6 million of assets in Q1 at an average discount of 22.3% to book value.
Shareholder Vote and Market Reaction
• Workspace once again urged shareholders to vote against all Saba resolutions at the annual general meeting on July 23.
• Shares in the FTSE 250 company rose 2% in early trade on Wednesday.
Additional Information
($1 = 0.7453 pounds)
(Reporting by DhanushVignesh Babu in Bengaluru; Editing by Rashmi Aich)
