Key facts
- Workspace is urging shareholders to vote against proposals from activist investor Saba.
- Saba advocates for an accelerated sell-off of Workspace's property portfolio.
- Workspace argues that a forced sale would lead to value destruction and execution risk.
- Workspace claims Saba's nominees have limited real estate investment experience.
- Workspace disputes Saba's claims regarding property sale discounts and buyer interest.
- Workspace recently reported a significant pre-tax loss and dividend cut.
Workspace, a flexible office provider, has called on its investors to reject proposals from activist hedge fund Saba, describing them as "destructive" and "high risk." Saba is pushing for an accelerated sell-off of Workspace's property portfolio, with the aim of realizing shareholder value more quickly through buybacks.
Workspace's board argues that a forced sale would devalue its assets and that Saba's nominees for the board possess "limited" real estate investment experience. The company also disputes Saba's claims regarding property sale discounts and the availability of interested buyers, stating that if Saba has specific indications of interest, the Board would welcome them.
Workspace contends that its current disposal plan is proceeding at an appropriate pace, citing recent sales at discounts. The company emphasized its expertise in its markets and its ongoing strategy to upgrade modern workspaces. Saba, meanwhile, has tabled six motions for the firm's annual general meeting on July 23, which Workspace claims lack clarity for informed decision-making.
Last month, Workspace reported a £121 million pre-tax loss, largely due to nearly £160 million in property valuation write-downs, and subsequently slashed its dividend. The company's new boss, Charlie Green, who joined in February 2026, is focused on selling under-performing properties and investing in modern workspace upgrades.