Sticking to the plan

Research evidence excerpt

Sticking to the plan

Deutsche Bank Group

Deutsche Numis Research

Rating Company Date

Hold Workspace Group 2 July 2026

Company Update

Europe

United Kingdom

Reuters Bloomberg Exchange Ticker Price at 1 Jul 2026 (GBP) 345.00

WKP.L WKP LN LSE WKP

Price Target (GBP) 370.00

Real Estate

430.00 -

Real Estate 52-week range (GBP) 319.40

Valuation & Risks

Ashnaa Vyas

Workspace has published a presentation in response to Saba's letter to

Research Analyst

shareholders on 17 June (see our note here). While there is little materially new +44-20-7545-0244

in our view, the presentation reiterates management's recently announced

strategy, argues Saba's proposed Board overhaul lacks the appropriate Jonathan Coubrough

operational and governance experience to oversee the business and ultimately

+44-20-754-54671

urges shareholders to vote against the Saba resolutions at the 23 July AGM. With

occupancy likely through the worst, the presentation points to a more stable Chris Millington

starting position while highlighting a number of elements of the strategy already Research Analyst

underway, including progressing towards all-inclusive pricing, upgrades to +44-20-7541-1570

buildings and customer amenities, and investment in technology and AI.

Since year-end, WKP has completed disposals at an average 22% discount to

book value, wider than the disposal assumptions underpinning much of Saba's

analysis. The presentation also highlights greater EPS and NTA accretion from

recycling disposal proceeds into refurbishment capex rather than share

buybacks, assuming capital can be redeployed at c.12% YOCs. However, the

extent of this difference ultimately depends on disposal pricing and the quantum

and pace at which returns are realised.