US activist investor Saba Capital Management has acquired a 5% stake in London office REIT Derwent London as it continues its expansion into the UK property market.
Derwent’s Network scheme, part of its central London office portfolio
Saba revealed it had pashed the key ownership threshold this week in a regulatory filing confirming it now controls 5.091840% of voting rights in Derwent London, the majority of which through a total return swap.
Derwent London recently fell to a half-year loss of £18.8m for 2026, reversing a £94.5m profit a year earlier, but also upgraded its 2026 earnings growth guidance amid strong occupier demand for its prime office assets.
UK-based investors are required to disclose holdings in British companies above a 3% shareholding, but US-listed Saba doesn’t need to disclose its holding until its stake surpasses 5%.
New York-based Sabais led by American hedge fund manager Boaz Weinstein. Its expansion into the UK property market this year has seen it build a stake of up to 4% in student accommodation provider Unite Group in July, and a 5% stake in residential landlord Grainger.
The firm built up a substantial 29.1% stake in Workspace Group, becoming the company’s largest shareholder.
However, in July, the firm’s shareholders overwhelmingly backed the flex office firm’s board, rejecting Saba’s proposals to replace board members and change its strategy.
In a statement, the firm said: “Saba is Workspace’s largest shareholder and will continue to closely monitor the performance of the company and board.”
