Disclosure shows Bank of America’s position in Workspace Group falls to 11.710171%
Key Facts
Bank of America Corporation reported an aggregate holding of 11.710171% of the voting rights in Workspace Group, equivalent to 22,562,365 rights, on 10 November 2026. The position is below the 11.793530% reported in the previous notification, making the disclosure evidence of a slight decline rather than an increase in the stake. Workspace Group was notified on 11 November, according to the major holdings notification published via RNS. The figure combines rights attached to shares and rights arising through financial instruments, so it does not represent total direct share ownership. The notification cited “other” as the reason for reporting, explaining that it was a crossing at the legal-entity level.
The new position comprised 4.731340% of voting rights attached to shares and 6.978831% through financial instruments. In the previous notification, the respective percentages were 4.813004% and 6.980526%. This shows that the overall decline came mainly from a fall in the share-related portion, with a limited decrease in the portion linked to financial instruments. The disclosure named Bank of America Corporation as the entity subject to the notification and Merrill Lynch International as the shareholder. It also stated that the voting rights attached to shares were indirect and included 9,116,027 rights, equivalent to 4.731340%.
The financial-instruments component includes swaps and a right to call shares. The notification recorded 13,364,659 voting rights through swaps, equivalent to 6.936439%, alongside 81,679 rights through the call option, equivalent to 0.042392%. This detail shows that the financial-instruments percentage is not a single block but is split between swap exposure and rights linked to the possibility of calling shares. The disclosure listed a cash-settled swap covering 5,000,000 voting rights, or 2.595067%. It set the expiry date at 11 December 2026, giving part of this exposure a specified maturity date.
The major holdings notifications come as Workspace Group faces declines in some of its annual business indicators. The company said occupancy across its stabilised portfolio was 81.6% at 31 March 2026, compared with 83.0% a year earlier, while the value of passing rent fell 4.6% to £108.3 million. Net rental income also declined 7.1% to £113.4 million, and operating profit after interest fell 9.4% to £60.5 million. The company reported a loss before tax of £120.5 million, compared with a profit of £5.4 million in the previous year. By contrast, it said it completed 1,310 lettings and 558 renewals during the financial year, with a total rental value of £50.4 million, up from £46.4 million in the previous year.
Chief Executive Charlie Green said the company was focused on increasing occupancy and achieving rental growth while controlling costs, and that it was targeting annual operating profit before interest of more than £125 million over the medium term. In the 2026 financial year, property disposals contracted or completed by the company totalled £125.7 million, and it was pursuing a disposal target of £200 million, with more than £100 million of additional disposals under consideration. The company said its loan-to-value ratio was 35% at 31 March 2026 and that it had £242 million in undrawn facilities and cash. It also announced in June that it had extended the maturity of its £200 million revolving credit facility to June 2030. It is due to announce its half-year results on 18 November 2026.