Top of the Blocks

Research evidence excerpt

Top of the Blocks

EUROPE | Property & Real Estate EquityMayResearch22, 2026

A daily report by the Jefferies European Real Estate team summarizing what

you need to know in the sector in Continental Europe and the UK.

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Key takeaways of the day:

Workspace - First View: 21% shareholder Saba - revised requisition to replace all 6 NEDs•

France Office - Amancio Ortega eyes €850m Paris office•

Germany Residential - Housing completions dropped sharply in 2025•

Workspace - First View: 21% shareholder Saba - revised requisition to replace all 6 NEDs

(Jefferies)

On May 8, WKP's Board acknowledged a requisition notice from Saba Capital proposing•

the removal of five Non-Executive Directors and the appointment of four new ones. On

May 20, a revised notice was received, now requesting the removal of all six Non-Executive

Directors, including Manju Malhotra, and the appointment of six new directors — adding

Gautam Garg and Simon Hampton to the previously proposed four. Link to report

France Office - Amancio Ortega eyes €850m Paris office (Bloomberg)

Zara owner Amancio Ortega’s Pontegadea is negotiating to acquire Capital 8, a central•

Paris office complex, for around €850m from Invesco. The family office has obtained

exclusivity, though completion is not guaranteed. If finalised, it would be Europe’s largest

office transaction since 2022.

The potential sale follows the failed disposal of Frankfurt’s Openturm, a similarly sized•

asset. Ortega, ranked the world’s 16th-richest person by Bloomberg, remains among the

few private investors able to pursue large trophy real estate acquisitions.

Jefferies view: This building was on the market for €1bn last July, representing a 4.5%•

yield.