Workspace Group

WKP · Main Market · Real Estate · mcap £677m · 330.8p 4 open situations →

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20252026 Fix, Accelerate and Scale turnaround Low-conviction building disposals Saba Capital Management, L.P. campaign Jefferies Financial Group Inc selling down BlackRock, Inc. selling down

Open · 4

Turnaround plan with targets◷ in 25 days

Fix, Accelerate and Scale turnaround

Execution; Q2 occupancy dip, early pricing wins

Includes Low-conviction building disposals – £138m done; extra £100m+ unlikely by March 2027 Follows from Saba Capital Management, L.P. campaign – vote

The turnaround began in November 2025 under CEO Charlie Green, who joined in February 2026. The 10 June 2026 results set a medium-term ambition of over £125m trading profit before interest. The Q2 update shows lower activity and a small rent roll fall, but early all-inclusive pricing wins above ERV. Furnished fit-outs begin, and Case Studies are due in H2 2027.

Refurbishment: Salisbury House, Cargo Works, Edinburgh House and Centro Buildings begin major improvements 10 Jun 2026 ↗
Stabilised rent roll: £109.7m, down 0.5% in Q2 15 Oct 2026 ↗
Case Studies: Launch expected in second half of calendar 2027 15 Oct 2026 ↗
Liquidity: £246m cash and undrawn facilities; pro forma LTV 36% 15 Oct 2026 ↗
LTV: 35% pro forma on March 2026 valuation 15 Jul 2026 ↗
Unfurnished pricing: All-inclusive pricing from September: 18 deals completed 8% above ERV, 18 under offer 14% above ERV 15 Oct 2026 ↗

Next: Half year results, rebrand and website launch · 18 Nov 2026

15 Oct 2026 Execution; Q2 occupancy dip, early pricing wins
15 Jul 2026 Execution begun; first quarter shows modest recovery
10 Jun 2026 Strategy update and FY results delivered
22 May 2026 Board defends strategy against widened Saba requisition

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Disposal of a part (break-up)◷ in 158 days

Low-conviction building disposals

£138m done; extra £100m+ unlikely by March 2027

Part of Fix, Accelerate and Scale turnaround – Execution; Q2 occupancy dip, early pricing wins

Since November 2025 Workspace has sold low-conviction buildings under a £200m target to March 2027. By 15 July, £138.4m was exchanged or completed. The 15 October Q2 update adds £13.0m of completions, but buyers want bigger discounts and deals are slower. The extra £100m+ is unlikely to be fully achieved by March 2027.

Total disposals: £138.3m since March 2025, against £200m target by March 2027 15 Oct 2026 ↗
Q1 sales: £12.6m sold in Q1 at average 22.3% discount to book value 15 Jul 2026 ↗
Recent sales: Chiswick Studios £3.0m, One Crown Square £3.0m, Evergreen Studios £6.6m; average yield 12.4% 15 Jul 2026 ↗
Net debt: £754m at 30 Sep 2026, up £14m from £740m 15 Oct 2026 ↗
Q2 completions: Parkhall Blocks A&B and 66 Wilson Street completed, £13.0m cash proceeds 15 Oct 2026 ↗
Q1 discount: Three disposals agreed in Q1 for £12.6m at 28.0% aggregate discount to March 2026 book value 15 Oct 2026 ↗

Next: complete £200m disposal target by March 2027 · 31 Mar 2027

15 Oct 2026 £138m done; extra £100m+ unlikely by March 2027
15 Jul 2026 £138.4m exchanged or completed against £200m target
9 Jul 2026 Disposals continuing; more discounts disclosed
10 Jun 2026 £125.7m done; £60.4m in discussions

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Activist campaign

Saba Capital Management, L.P. campaign

vote

Led to Fix, Accelerate and Scale turnaround – Execution; Q2 occupancy dip, early pricing wins

Saba proposed a 12-month wind-down on 8 January 2026, which the Board rejected. It requisitioned board changes on 8 May, widened them to all six NEDs on 22 May, and holds about 21.12%. The Board's full response came on 1 July and a further rebuttal on 9 July. The 15 July Q1 update repeats the call to vote against Saba's resolutions at the 23 July AGM.

Saba materials: Updated presentation and Q&A published 7 July 2026, following 17 June letter and presentation 9 Jul 2026 ↗
Disposal evidence: 13 FY26 sales at 7.2% average discount to book (Saba); 19.6% to valuation six months earlier (Board) 9 Jul 2026 ↗
Buyer interest: Over £200m of assets marketed; interest does not support Saba's 50-75 credible buyers 9 Jul 2026 ↗
Timetable: Q1 update 15 July; vote deadline 11am 21 July; AGM 11am 23 July 2026 9 Jul 2026 ↗
Board recommendation: For Resolutions 1-20, against Saba Resolutions 21-26 15 Jul 2026 ↗
AGM: 11:00 am, 23 July 2026, Salisbury House, 114 London Wall 15 Jul 2026 ↗

Next: AGM vote on Saba resolutions 21-26 · 23 Jul 2026

9 Oct 2026 29.7302%
5 Oct 2026 29.7302%
1 Oct 2026 29.7302%
28 Sep 2026 29.7302%

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Overhang

Jefferies Financial Group Inc selling down

10.225% → 4.707% in 2 notices

Next: 4.707% still held

23 Jun 2026 4.707%
23 Jun 2026 7.845%
19 Jun 2026 10.225%

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Closed · 1

OverhangBlackRock, Inc. selling down selling stopped · 18 Oct 2024 – 30 Jan 2026 −28%

Company filings. Not investment advice.