Workspace shares trade at a steep discount to net asset value, prompting activist investor Boaz Weinstein's Saba Capital to launch a boardroom coup. With roughly 25% ownership, Saba plans to replace the entire board at July's meeting, arguing the London office REIT should liquidate its £2.4bn portfolio and return cash to shareholders.

REITs commonly trade below asset values, but Workspace's gap is unusually wide. Rising interest rates have hammered the sector, while hybrid work patterns suppress rental growth prospects. The REIT's 7% yield now triples its 2019 levels, reflecting investor skepticism about future performance.

New chief executive Charlie Green joined in February, proposing to lift rents through service improvements. Workspace is already selling properties worth £200m by year-end, with additional disposals possible. Using £50m for buybacks could retire nearly 10% of shares at current prices, potentially narrowing the NAV gap.

London's commercial property market remains challenging, with just £1.4bn of city center transactions in Q1. Workspace's focus on characterful, fringe locations complicates any rapid wind-down. While Saba presents compelling logic, execution risks and market conditions make the activist's vision difficult to achieve.