Irenic joins Ancora in pushing for £1.65bn Big Yellow sale

Activist hedge fund Irenic Capital Management has joined forces with fellow activist Ancora Holdings in urging UK self-storage firm Big Yellow Group to consider a £1.65bn sale, according to a Financial Times report. Irenic, led by former Elliott Management investor Adam Katz and Indaba Capital portfolio manager Andy Dodge, has been discussing with Big Yellow's board for months, claiming the company is undervalued and should explore a potential sale, said people familiar with the situation.

Ancora revealed a 4% stake in Big Yellow earlier this week, aligning both investors among the company's largest shareholders. Big Yellow's shares have dropped 25% in the past year, trading near a six-year low due to challenges in the UK property market. The firm's shares surged 5% on Wednesday after Ancora's announcement, valuing the company at around £1.65bn.

Big Yellow previously attracted interest from Blackstone in October 2025, but talks fell through. The company has offered to sell itself to private equity firms and strategic buyers through a formal process, as per the report. In response to Ancora's demands, Big Yellow reiterated that the earlier takeover suggestion did not reflect the company's true value, while saying it continuously evaluates options to boost shareholder worth.

Irenic, which managed $2.5bn in assets at the start of 2026, has previously pushed for the £506m sale of Wagamama owner The Restaurant Group to Apollo and advocated a potential private equity sale of SSP Group, owner of Upper Crust. The hedge fund also holds shares in aerospace manufacturer Melrose Industries. The campaign unfolds amid ongoing consolidation in UK-listed real estate, with international buyers eyeing companies at discounted valuations.

Despite its falling share price, Big Yellow's latest annual results showed a 1% rise in net asset value to £13.70 per share.