Workspace Group (WKP) investor relations material

Strategic direction and board recommendation

• A clear, disciplined strategy is in place to deliver long-term sustainable value for all shareholders, with a focus on transforming the business and maximizing value creation through real asset ownership and income growth.

• The board is majority-independent, with a refreshed management team possessing deep sector expertise, and has aligned incentives to support the new strategy.

• Shareholders are urged to vote for the board's resolutions (1–20) and against Saba's resolutions (21–26), as Saba's plan is considered high-risk, lacking detail, and unsuitable for the company's operational model.

Business overview and operational performance

• Operates a portfolio of 57 freehold locations across London, serving nearly 4,000 SME customers, with 3.8 million sq. ft. of lettable space and a rent roll of £127.3m.

• Maintains a flexible lease model, with overall occupancy at 79.4% and a stabilised portfolio occupancy of 81.6%.

• Performance is benchmarked against both London office and operational peers, with recent share price and NTA discounts reflecting broader market trends.

Management and strategy execution

• New CEO and CFO bring extensive experience in scaling flexible workspace and real estate platforms, with a focus on portfolio elevation and targeted refurbishments.

• Strategy includes evolving the customer offer, implementing all-inclusive pricing, upgrading buildings, leveraging technology, and executing targeted asset disposals to fund reinvestment.

• Case studies show planned refurbishments with targeted IRRs of 10–20% and incremental yields of 12.5–30%.