Ancora urges Big Yellow to explore sale after taking 4% stake

Activist investor Ancora Holdings Group is calling on Big Yellow Group’s board to conduct a strategic review that could lead to a sale to financial sponsors or strategic buyers.

James Chadwick, president of Ancora Alternatives, disclosed the investment and campaign at the Sohn San Francisco Investment Conference on Tuesday. Ancora considers Big Yellow materially undervalued and estimates that its shares trade at a discount of about 40% to net asset value.

The investor attributed the discount to weak UK economic growth, a subdued housing market and Big Yellow’s capital-intensive development pipeline. It identified KKR, Heitman and Nuveen as possible financial buyers, and Public Storage and Extra Space Storage as potential strategic bidders.

Big Yellow’s London-focused property portfolio, pricing power and rising customer demand were among the factors Ancora cited in its campaign.

Big Yellow shares rose as much as 6.3% in London on Wednesday, their largest intraday gain in more than six months. The stock remains down about 20% since the start of the year.

The campaign follows previous takeover interest in the company. Big Yellow confirmed in October 2025 that it was discussing strategic options, including a possible sale, after Blackstone disclosed plans under consideration to take the company private. Blackstone abandoned those plans in December.

Ancora believes Big Yellow should have pursued a broader sale process at that time and maintains that potential buyer interest remains strong. Big Yellow reported annual revenue of £209.1 million for its 2026 financial year, up 2% from the previous year.

The Cleveland-based investment firm manages about $12 billion in assets and has conducted more than 30 activist campaigns over the past six years, including one involving US railway operator Norfolk Southern.