Saba Capital in advanced discussions with two leading UK property managers to ensure seamless tenant continuity at Workspace
NEW YORK, July 10, 2026 /PRNewswire/ — Saba Capital (“Saba”) today announces that it is in advanced discussions with two of the UK’s leading property management firms regarding the implementation of its proposed operating model for Workspace Group plc (“Workspace”).
Both firms have extensive experience managing flexible office and commercial property portfolios similar to Workspace and have expressed strong interest in managing the Workspace portfolio. Both have also confirmed that Workspace’s property management could be transitioned to a specialist operator while maintaining uninterrupted service for tenants and delivering significant cost savings.
Based on these discussions, Saba estimates that outsourcing property management could reduce Workspace’s annual operating costs by approximately £9 million(1). These recurring cost savings alone have the potential to support a meaningful re-rating of Workspace’s shares and create significant shareholder value, even before taking into account the additional value that could be generated through Saba’s proposed programme of selective asset disposals and share buybacks.
Saba is disappointed that the Workspace Board has refused to acknowledge this opportunity despite its significant potential to create shareholder value.
Paul Kazarian, Partner at Saba Capital, said: “We have always recognised that protecting Workspace’s tenants must be a priority. Our discussions with two of the UK’s leading property management firms demonstrate that there is a credible and well-developed path to achieving exactly that while also delivering significant value for shareholders.
These firms have extensive experience managing portfolios similar to Workspace’s and are confident that tenants can continue to receive uninterrupted service from day one. Rather than creating disruption, we believe outsourcing would provide tenants with the benefits of a specialist, best-in-class operator while creating a leaner, more efficient operating model.
The Board has repeatedly suggested that our proposal would be difficult to implement. Our discussions indicate otherwise. We believe shareholders deserve the opportunity to consider a credible alternative that protects tenants, reduces costs and has the potential to unlock substantial additional value.”
(1) Saba estimate based on discussions with leading UK property management firms and benchmarking against comparable portfolios. The estimate assumes total operating cost savings of 10%, representing the midpoint of an estimated range of 5-15%, applied to Workspace’s reported operating costs of £89.7 million for the year ended 31 March 2026.
