Activist investors are pushing for a sale of Big Yellow Group, arguing its £1.8bn market cap undervalues its £2.6bn net asset portfolio. The company has previously explored deals, including with Blackstone, but no agreement was reached. While a foreign buyer could aid growth, activists warn a trend of exits could weaken London’s ability to support local capital raising.
One in five European activist campaigns in early 2026 included M&A demands, up from 8% last year, per Alvarez & Marsal. Property groups are seen as vulnerable due to struggles with net asset value discounts. London-listed REITs have fallen by a quarter in three years to July.
Management cites limited control over interest rates, noting Prime Minister Andy Burnham’s upcoming Budget. Even large UK property firms like Land Securities and British Land remain small globally. Some investors prefer domestic mergers, as seen with Assura and Primary Health Properties, which now trade closer to book value.
Fewer, larger groups may strengthen the sector versus widespread exits.
Source: Financial Times Companies · Summarized by HeadlinesBriefing