Workspace Group (WKP), the flexible office provider that in July beat off an attempt by activist Saba Capital to replace its board, says the additional £100m of disposals it identified in its defence strategy will not be achieved by its original timetable of March 2027. Charlie Green, the chief executive appointed eight months ago, said the sales were “likely to take more time”. Against a backdrop of rising interest rates and economic uncertainty, he said “transactions are taking longer and, in some cases, buyers’ pricing expectations have been substantially below book value”. In a second quarter update he said WKP had completed £138m of disposals since March 2025 and continue to make progress towards the £200m disposal target. The shares fell 5.5%, or 20p, to 346p.

QuotedData senior analyst Richard Williams said: “A mixed update from Workspace, with subdued customer activity and a decline in rent roll highlighting the challenging environment for London’s flexible office market. Encouragingly, underlying occupancy has proved relatively resilient, while early lettings under the new pricing model suggest there is potential to improve rental income as the company’s repositioning strategy gathers momentum. However, the slower pace of disposals and buyers seeking substantial discounts to book value underline the difficulties of realising the portfolio’s stated value in the current market. This is particularly relevant given Saba’s campaign for accelerated asset sales and capital returns. The update lends some support to the board’s argument that a more measured approach to disposals is necessary to protect shareholder value, although it also increases the pressure on management to demonstrate that its alternative strategy can deliver meaningful earnings growth and narrow the discount to NAV.”

Big Yellow (BYG) has confirmed it recently met Ancora Holdings, a US activist with a 4% stake in the self-storage group. At the meeting Ancora reportedly called for a strategic review and potential sale of the company, which rejected a bid approach from Blackstone in December. Ancora claimed Blackstone’s offer was 50% higher than BYG’s current share price, although the price was never confirmed. In a statement BYG said: “The board and management team continue to focus on executing the company’s clear and proven strategy. The board is also cognisant of its fiduciary duties and continually evaluates all options for maximising shareholder value.” BYG shares rose 2.4% to 862.5p.

Richard Williams said: “The emergence of Ancora as an activist shareholder brings renewed attention to the valuation gap at Big Yellow, almost a year after the company explored a potential sale. Ancora’s argument that the business is worth substantially more has merit, particularly given the quality of Big Yellow’s portfolio and the scarcity value of an established UK self-storage platform, but the board has already demonstrated that it has set a high bar on what it is willing to accept. Its latest statement leaves the door open to future proposals without committing to a formal sale process. Much will now depend on whether Ancora can secure the backing of other shareholders and, crucially, whether potential buyers are prepared to offer a valuation that the board considers acceptable.”

British Land (BLND) expects half-year operating profits to rise to £166m from £155m with underlying earnings per share of 16.1p, up from 15.4p a year ago. In a trading update for the six months to 30 September, the property company said this reflected 12% net rental growth driven by development lease-up and cost efficiencies. Jo McNamara, the real estate investment trust’s first woman chief executive after succeeding Simon Carter, said these more than offset the impact of lower surrender premiums (paid by tenants when they vacate a property early) and higher interest rates. She said: “Our campus developments continue to lease up at record rents, with 1 Broadgate and One Triton Square now fully let and a further 119,000 sq ft under offer at 2 Finsbury Avenue. Meanwhile, our retail parks remain effectively full, with leasing continuing ahead of previous passing rents.” BLND shares gained 2.5%, or 10.2p, to 418p. It will publish its interims on 18 November. British Land swooped on Life Science REIT (LABS) in January with a recommended £150m cash and shares bid.

Richard Williams said: “An encouraging update from British Land, with strong leasing activity across both campuses and retail parks translating into earnings growth and further valuation gains. The 12% increase in like-for-like net rental income is particularly impressive, but perhaps more significant is the strength of underlying rental demand, with campus lettings agreed 14.8% ahead of ERV and retail parks continuing to operate at virtually full occupancy. The 1.5% increase in portfolio valuations, despite a slight outward movement in yields, also demonstrates the positive impact of rental growth on asset values. With further lettings in the pipeline and £449m of disposals completed or under offer broadly in line with book value, British Land appears well positioned to deliver on its earnings guidance, despite the wider economic uncertainty.”

Great Portland Estates (GPE) agreed 19 new leases and renewals in its second quarter with market lettings in the three months to 30 September on average 5% ahead of their estimated rental value (ERV) in March compared with 3.7% in the first quarter. These will increase annual rent by £5.8m. In total, 40 new leases and renewals were signed in the six months since 31 March, generating an annual rent of £19m of which GPE’s share is £18.3m with lettings on average 4.1% ahead of March 2026 ERV.  A further £9.8m of rent is currently under offer, with market lettings 6.7% ahead of March ERV.

Richard Williams said: “Great Portland Estates continues to demonstrate that, while the wider London office market faces challenges, demand for the best quality space in prime locations remains strong. The acceleration in leasing outperformance against ERV is encouraging, as is the substantial pipeline of further lettings under offer at even higher premiums. GPE’s fully managed offering continues to attract occupiers that are prepared to pay a premium for flexible, high-quality, amenity-rich space, and this is helping GPE differentiate itself from the competition. With the supply of prime space increasingly constrained, GPE looks well placed to capture further rental growth. The key will be translating this leasing momentum into higher valuations and returns for shareholders.”

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