The Property Ticker: Saba writes letter to Workspace shareholders; Tritax enters into a DMA at Chelmsford; Logistics demand is picking up in Europe, but not in France... and more

Research evidence excerpt

The Property Ticker: Saba writes letter to Workspace shareholders; Tritax enters into a DMA at Chelmsford; Logistics demand is picking up in Europe, but not in France... and more

Neil Green, CFA AC Europe Equity Research

(44-20) 7134-4478 17 June 2026 J P M O R G A N

neil.d.green@jpmorgan.com

Property News Highlights

• Saba writes letter to Workspace shareholders: Saba Capital, Workspace Group’s

second-largest shareholder with c.24.7% (47.4m shares), argues the company is

significantly undervalued, trading at around a 50% discount to NAV - the widest among

UK REIT peers. It attributes this to operational underperformance, strategic

inconsistency, and management turnover, and sees substantial upside from closing the

discount, potentially implying ~100% returns if assets are sold and proceeds returned to

shareholders. After unsuccessful private engagement and a rejected proposal in late 2025,

Saba launched a public campaign advocating an orderly but accelerated disposal of the

property portfolio, debt repayment, and capital return. It disputes the board’s “fire sale”

criticism, noting recent disposals were only at a 7.2% discount to book value, far narrower

than the share price discount, and believes market appetite exists for a more ambitious

disposal programme.

• Saba is critical of management’s newly announced strategy to reinvest disposal

proceeds into refurbishments to drive earnings growth, arguing it involves multi-

year execution risk with uncertain returns. Instead, it proposes a disposal-led strategy

across three tranches (21, 19, and 16 assets), combined with share buybacks, alongside

operational improvements such as outsourcing property management and more selective,

return-focused capex. Given the board’s resistance, Saba has requisitioned a vote to