Out of the frying pan into the fire(sale)

Research evidence excerpt

Out of the frying pan into the fire(sale)

Deutsche Bank Group

Deutsche Numis Research

Rating Company Date

Hold Workspace Group 17 June 2026

Company Update

Europe

United Kingdom

Reuters Bloomberg Exchange Ticker Price at 16 Jun 2026 (GBP) 346.20

WKP.L WKP LN LSE WKP

Price Target (GBP) 400.00

Real Estate

430.00 -

Real Estate 52-week range (GBP) 319.40

Valuation & Risks

Max Nimmo, CFA

Activist US hedge fund, Saba Capital has published a value creation strategy in

Research Analyst

a letter to Workspace shareholders, as part of its campaign against the business, +44-20-754-54614

arguing management's new strategy to upgrade the portfolio and better monetise

the platform will take several years before it can bear fruit, and calling for a more Ashnaa Vyas

Research Associate

accelerated route to value realisation. Reflecting the practical limits of executing

+44-20-7545-0244

a full wind-down within 12m as in its initial proposal, Saba has rightly shifted

towards a more ordered disposal-led strategy with greater flexibility on timing,

with the proceeds used to fund share buybacks.

While we can see the logic in Workspace’s repositioning efforts, it is clearly a

longer-dated recovery story with significant execution risk, and comes with

further near-term pressure on profitability and valuations. Against that backdrop,

it is not hard to see the appeal of Saba’s proposal on paper - attempting to

crystallise value sooner. However, it is far from clear that Saba's strategy has any

less execution risk (especially at its marked up values) and can be achieved any

quicker than WKP’s own turnaround plan. We continue to see limitations to how

easily disposals can be delivered across what remains a relatively operational