The Property Ticker Big Yellow sells Harrow industrial estate; SABA increases stake in Workspace; Helen Gordon made a DBE in King’s latest birthday honours; AI & office demand...and more

Research evidence excerpt

The Property Ticker Big Yellow sells Harrow industrial estate; SABA increases stake in Workspace; Helen Gordon made a DBE in King’s latest birthday honours; AI & office demand...and more

Neil Green, CFA AC Europe Equity Research

(44-20) 7134-4478 15 June 2026 J P M O R G A N

neil.d.green@jpmorgan.com

Property News Highlights

• Big Yellow sells Harrow industrial estate: Big Yellow announced that it has sold its

industrial estate in Harrow, London for £38.4m, subject to a £2m retention from the sale

price, which will be released on the satisfaction of certain conditions. The Board of Big

Yellow restated its capital allocation strategy. The proceeds from the disposal will be used

to fund the build-out of 11 new stores and one replacement store in the development

pipeline on land owned by the Group. On a pro forma basis, the 12 pipeline stores are

expected to generate £35m net operating income, representing an income return of 16.5%

on the £212m total cost to complete. The Board believes that currently there is no other

use for the capital that comes close to delivering this level of long-term returns The new

store development will be completed within the Group's existing funding arrangements.

The Group continues to forecast a net debt to EBITDA ratio of between 3.5x and 4x over

the short to medium term, trending over time to the Board's preferred level of up to 3.5x.

This reflects the Board's long-held view that the unwarranted risk from elevated levels

of debt outweighs the potential rewards. (Source: Company)

• SABA raises voting rights in Workspace: Saba Capital Management has increased its

overall exposure to Workspace Group to 23.8%, up from 22.1%, crossing a key threshold

on 11 June 2026. The position comprises a 5.5% direct equity stake (10.6m shares) and