US activist investor Ancora urges Big Yellow to put itself up for sale after shares hit five-year low

Ohio-based Ancora Holdings, which holds a four per cent stake in Big Yellow, is calling on the UK's largest self-storage firm to launch a full strategic review and explore a sale. Ancora puts Big Yellow's intrinsic value at £12.36 per share — roughly 47 per cent above its current trading price — contending that the shares trade at an "unwarranted" 40 per cent discount to net asset value. Big Yellow's shares rose more than five per cent on Wednesday after Ancora identified potential acquirers, among them Heitman, Nuveen and KKR. Ancora also urged the firm to sell or rebrand its Armadillo sub-brand and monetise its property development pipeline.

Ancora said a failed Blackstone takeover approach in 2025 — pitched at a level around half as much again as the prevailing share price — had pushed Big Yellow's stock to multi-year lows.

Big Yellow's 99 per cent freehold portfolio, concentrated around prime London and South East locations, makes it a 'scarce, irreplaceable' asset, Ancora argued.

The push is part of a wave of activist pressure on UK-listed property firms, with Premier Inn owner Whitbread also fighting off a rival board appointment bid this week.