Workspace Group PLC (WKP), the London-based flexible workspace and serviced office provider, has disclosed that New York-headquartered Saba Capital Management, L.P. held a combined position of 29.730225% in the company as at 27 October 2026. The holding comprises 20.216366% in direct voting rights attached to shares and a further 9.513859% through a Total Return Swap expiring 15 December 2026. The notification, completed on 12 November 2026, was filed under TR-1 rules and covers positions held across eleven Saba-affiliated funds and separately managed accounts. Investors may be watching this disclosure closely given the scale of Saba's aggregate exposure to Workspace Group.

Key Points

  • Workspace Group PLC (WKP), ISIN GB00B67G5X01, UK-listed flexible workspace operator
  • Saba Capital Management, L.P. disclosed a combined 29.730225% position as at 27 October 2026, comprising direct shares and derivative instruments
  • Direct shareholding represents 38,951,527 voting rights; Total Return Swap covers an additional 18,330,660 voting rights, expiring 15 December 2026
  • Investors should monitor whether Saba's derivative position is rolled, converted, or allowed to expire at the December 2026 settlement date

Saba Capital's 29.73% Position in Workspace Group Breaks Down Across Shares and a December 2026 Swap

The TR-1 notification confirms that Saba Capital Management, L.P., ultimately controlled by Boaz Weinstein through Saba Capital Management GP, LLC, held 38,951,527 shares representing 20.216366% of Workspace Group's voting rights as a direct position. Alongside this, a cash-settled Total Return Swap referencing 18,330,660 voting rights — equivalent to 9.513859% — contributes the remainder of the combined 29.730225% stake. The swap is scheduled to expire on 15 December 2026, making the near-term treatment of that derivative a key variable for investors tracking the total disclosed exposure to Workspace Group.

Eleven Saba-Affiliated Vehicles Hold the Workspace Group Exposure Across Multiple Jurisdictions

The aggregate position is held through eleven distinct Saba-affiliated entities, spanning the Cayman Islands, Ireland, and the United States. These include Saba Capital Master Fund, Ltd., Saba Capital Master Fund 2, Ltd., Saba Capital CEF Opportunities 1 and 2, Saba Capital Bluebell Fund, Ltd., Saba Capital Investment Trusts UCITS ETF, Saba Capital Income & Opportunities Fund, Saba Capital Income & Opportunities Fund II, Saba K Fund, LP, and two separately managed accounts designated SMA #10 and SMA #11. The multi-vehicle structure reflects a strategy commonly deployed by Saba across closed-ended and listed fund investments globally.

Workspace Group's Flexible Office Model Provides Context for Saba's Sustained Interest

Workspace Group operates a portfolio of flexible workspace centres predominantly across London, letting office and studio space to small and medium-sized businesses on flexible terms. The company generates revenue through lettings income and has positioned itself within the growing demand for adaptable commercial real estate. The previous TR-1 notification from Saba recorded a combined total of 29.730224%, indicating the aggregate percentage has remained materially stable, though the composition between direct shares and financial instruments has shifted, with direct voting rights decreasing from 22.551926% and derivative exposure increasing from 7.178298%.