根据彭博新闻审阅的一份演示文稿，活跃投资者Ancora Holdings Group已在英国上市公司Big Yellow Group Plc建立持股，并正推动该自存储公司探索出售可能性。
Activist investor Ancora Holdings Group has built a stake in UK-listed Big Yellow Group Plc and is pushing the self-storage company to explore a sale, according to a presentation reviewed by Bloomberg News.
演示文稿称，Ancora表示Big Yellow拥有韧性十足的商业模式，但在公开市场上被显著低估。
Ancora said Big Yellow has a resilient business model but has been materially undervalued in the public market, the presentation said.
演示文稿称，该投资者认为，Big Yellow可以通过启动全面战略审查（包括出售流程）并征求潜在战略和财务买家的兴趣，为股东创造价值。
The investor believes that Big Yellow can deliver value to shareholders by launching a comprehensive strategic review, including a sale process, and soliciting interest from potential strategic and financial buyers, the presentation said.
知情人士透露，Ancora已在Big Yellow建立超过4%的持股，并计划与公司董事会建设性地进行接触。这些知情人士因信息尚未公开而要求匿名。
Ancora has built a stake of more than 4% in Big Yellow and plans to engage constructively with the company’s board, according to people close to Ancora who requested to not be named because the information isn’t public. James Chadwick, president of Ancora Alternatives, plans to unveil its position and campaign as soon as Tuesday at the Sohn San Francisco Investment Conference, the people said.
知情人士称，Ancora Alternatives总裁James Chadwick计划在周二的索恩旧金山投资会议上尽快公布其立场和行动计划。
“We believe [Big Yellow] is an attractive asset for both financial sponsors and strategic acquirers given the company’s relative cheapness compared to US storage REITs and the scarcity value of [Big Yellow’s] scaled UK portfolio,” the presentation said.
演示文稿称：“鉴于[Big Yellow]相较于美国存储REITs的相对低估以及[Big Yellow]在英国规模化投资组合的稀缺价值，我们认为[Big Yellow]对财务赞助人和战略收购者均具吸引力。”
A representative for Big Yellow didn’t immediately respond to a request for comment.
Big Yellow的代表未能立即回应置评请求。Ancora的代表也无法联系以获取置评。
A representative for Ancora couldn’t be reached for comment. Big Yellow, based in Surrey, UK, is the largest self-storage company in the country and has locations in London and the Southeast.
总部位于英国萨里郡的Big Yellow是该国最大的自存储公司，在伦敦及东南部设有分支。该公司5月曾报告称，2026年度收入为2.091亿英镑（约合2.76亿美元），较上年增长2%，为近五年最高。
In May, it reported annual revenue of £209.1 million ($276 million) for 2026, which increased 2% over the prior year and was the highest in five years. Shares of Big Yellow, which have fallen 28% over the past year, closed down 0.3% to £7.99 a share on Monday, giving the company a market value of about £1.6 billion.
Big Yellow的股价过去一年已下跌28%，周一收盘下跌0.3%至每股7.99英镑，使公司市值约为16亿英镑。
Ancora believes Big Yellow is undervalued because of slow UK economic growth, a week domestic housing market and its capital-intensive property development pipeline, according to the presentation.
根据该演示文稿，Ancora认为Big Yellow被低估，原因是英国经济增长放缓、国内住房市场疲软以及其资本密集型房地产开发项目。活动投资者认为，Big Yellow的股票目前以低于其净资产价值40%的价格交易。
The activist argues Big Yellow’s shares are currently trading at a 40% discount to its net asset value. Big Yellow, however, can charge higher rents with its prime London-concentrated portfolio and growing customer demand, Ancora said.
然而，Ancora表示，Big Yellow凭借其以伦敦为核心的优质投资组合以及不断增长的客户需求，能够收取更高的租金。演示文稿还指出，私募股权巨头黑石集团（Blackstone Inc.）对该公司的私有化收购尝试失败。
The investor also pointed to a failed take-private of the company by private equity giant Blackstone Inc., according to the presentation. Ancora believes that Big Yellow should have pursued a broader sale process and that interest for the company remains strong, which could result in a compelling price.
Ancora认为，Big Yellow本应启动更广泛的出售流程，且市场对该公司的兴趣依然强劲，这可能带来具有吸引力的价格。在演示文稿中，Ancora提到了几家潜在竞标者，包括投资公司Heitman、Nuveen和KKR & Co. Inc.，以及自存储公司Public Storage和Extra Space Storage Inc.此次针对Big Yellow的行动是经验丰富的美国活动投资者Ancora首次进军英国市场的尝试之一。
Ancora named a few potential bidders for Big Yellow in the presentation, including investors Heitman, Nuveen and KKR & Co. Inc., as well as self-storage companies Public Storage and Extra Space Storage Inc. The campaign against Big Yellow is one of its first forays into the UK market for the experienced US activist investor.
总部位于俄亥俄州克利夫兰的Ancora管理资产达120亿美元，过去六年已发起超过30场行动，包括针对诺福克南方公司（Norfolk Southern Corp.）等企业的行动。
Cleveland, Ohio-based Ancora, with $12 billion in assets under management, has run more than 30 campaigns in the last six years, including at companies such as Norfolk Southern Corp.
今年早些时候，Ancora曾反对美国化工公司H.B. Fuller Co.收购英国企业Advanced Medical Solutions Group Plc，称此举会破坏价值。该并购后来在6月宣布，此后Ancora已提交了一份未经请求的收购要约，以最高14亿美元收购H.B. Fuller的建筑胶粘剂业务部门。
Ancora earlier this year opposed the acquisition of UK-based Advanced Medical Solutions Group Plc by US chemicals company H.B. Fuller Co., calling it value destruction. The merger was later announced in June, and Ancora has since sent in an unsolicited offer to purchase H.B. Fuller’s building adhesives unit for as much as $1.4 billion.