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Activist investor Ancora Holdings Group is urging UK self-storage operator Big Yellow Group to consider a potential sale, following its acquisition of a stake exceeding 4% in the company, according to a Bloomberg report. Ancora contends that Big Yellow is significantly undervalued and has urged the board to conduct a thorough strategic review, which may include a sale process involving financial sponsors and strategic buyers.

James Chadwick, Ancora's President, revealed the investment and campaign at the Sohn San Francisco Investment Conference, emphasizing that Big Yellow's valuation presents an appealing opportunity for potential acquirers. Ancora estimates the company's shares are trading at a 40% discount to its net asset value, citing factors such as weak UK economic growth, a subdued housing market, and the company's capital-intensive development pipeline.

Ancora maintains that Big Yellow's London-based property portfolio, pricing power, and expanding customer demand make it an attractive acquisition target. The activist fund has identified several potential financial buyers, including KKR, Heitman, and Nuveen, as well as US self-storage operators Public Storage and Extra Space Storage.

Big Yellow shares surged by up to 6.3% in London on Wednesday, marking their largest intraday gain in over six months. However, the stock remains down around 20% year-to-date. This campaign follows previous takeover interest in Big Yellow, with the company confirming strategic discussions with multiple parties in October 2025, including a potential sale, after Blackstone expressed interest in a take-private transaction. Blackstone later dropped those plans in December.

Ancora believes the company should have pursued a more extensive sale process at the time and asserts that potential buyer interest remains robust. Big Yellow, the UK's leading self-storage operator, reported £209.1m in annual revenue for its 2026 financial year, representing a 2% increase from the prior year. This activist investment effort marks one of Ancora's first major plays in the UK, and the firm manages approximately $12bn in assets, having conducted over 30 activist campaigns over the past six years, including at US railway operator Norfolk Southern.