Ancora pushes Big Yellow Group to explore sale after building 4% stake

## KEY TAKEAWAYS - Ancora Holdings Group has built a stake of more than 4% in UK self-storage operator Big Yellow Group and is urging the board to explore a potential sale, according to Bloomberg. - Ancora estimates Big Yellow shares trade at a 40% discount to net asset value and names KKR, Heitman, Nuveen, Public Storage and Extra Space Storage as potential buyers. - Big Yellow shares rose as much as 6.3% in London on Wednesday, their largest intraday gain in more than six months, but remain down roughly 20% year-to-date. - The campaign follows Blackstone's abandoned take-private interest, which was disclosed in October 2025 and dropped in December. ## DETAILED SUMMARY US activist investor Ancora Holdings Group is calling on UK self-storage operator Big Yellow Group to explore a potential sale after acquiring a stake of more than 4%, according to Bloomberg. Ancora believes Big Yellow is materially undervalued and has urged the board to undertake a comprehensive strategic review, including a sale process involving financial sponsors and strategic buyers. James Chadwick, President of Ancora Alternatives, disclosed the investment and campaign at the Sohn San Francisco Investment Conference on Tuesday. He argued that Big Yellow's valuation presents an attractive opportunity for prospective acquirers. Ancora estimates the shares trade at a 40% discount to net asset value, which it attributes to weak UK economic growth, a subdued housing market and the company's capital-intensive development pipeline. Ancora contends that Big Yellow's London-focused property portfolio, pricing power and growing customer demand make it an attractive target. The fund identified KKR, Heitman and Nuveen among potential financial buyers, alongside US self-storage operators Public Storage and Extra Space Storage. Big Yellow, the UK's largest self-storage operator, reported annual revenue of £209.1m for its 2026 financial year, up 2% year-on-year. The campaign follows earlier takeover interest. In October 2025, Big Yellow confirmed discussions with several parties over strategic options, including a potential sale, after Blackstone disclosed it was considering a take-private transaction. Blackstone subsequently abandoned those plans in December. Ancora believes the company should have pursued a broader sale process at the time and maintains that buyer interest remains strong. Shares rose as much as 6.3% in London on Wednesday, their largest intraday gain in more than six months, though the stock remains down approximately 20% year-to-date. The campaign represents one of Ancora's first major activist investments in the UK. The Cleveland-based firm manages approximately $12bn in assets and has conducted more than 30 activist campaigns over the past six years, including at US railway operator Norfolk Southern.