This newsletter was originally published on substack on February 01, 2026.
In this edition I’m covering 9 situations. 3 liquidations, 3 potential situations and 3 updates.
Important Note: These watchlists are not buy signals, buy pitches or recommendations to purchase shares. The purpose is to inform you of potential opportunities and to give you a profile of the situation. Some of these opportunities might be actionable now, in the future or never. Please do your own research and analysis.
NAV is reported NAV, book value, my estimate or another disclosed value. Timeframe is based on management or my estimate. Both could change. NAV is unlikely to be the figure you will receive in a liquidation and you should not base your investment decisions on these figures.
Liquidations
Woodbridge Liquidation Trust (OTCMKTS:WBQNL, ISIN:US9788441080)
The trust was formed out of the bankruptcy of Woodbridge Group. Their main asset is cash. Liabilities are a construction deficit claim relating to a high-end LA mansion, plus liquidation costs. The trust was due to wind up by February 2027 but it’s likely it will extend past this. They’re working through fixing the construction defects and dealing with legal issues around insurance and who is liable to pay etc. There could be some upside to the final payout if the trust has overestimated liquidation costs. This situation has been around for a while. However it’s down 20% from its recent high, so it might start to get interesting for some investors. NAV $3.30 (book value). Timeframe 3 years.
Fast Ejendom Danmark A/S (CPH:FED, ISIN:DK0060522746)
FED owns office, logistics and residential properties in Denmark. In October they announced the conclusion of a strategic review and have decided to liquidate the portfolio “over the next few years”. This has come about due to the persistent discount to NAV. The board said they will return proceeds via dividends, share buybacks or in other ways. So this is a liquidation but proceeds might come in ways other than distributions. The board has recently increased the valuation of the portfolio at year end. NAV increased 11.5% in 2025. This is due to favourable rental conditions and increased rents. NAV 300 DKK (company NAV figure). Timeframe 3 years.
Zoned Properties Inc (OTCMKTS:ZDPY, ISIN:US98978X2080)
A cannabis real estate owner and services business. They’ve announced the sale of all their assets in two separate transactions for $16m. Management is one of the parties to a transaction. This will require shareholder approval in the next few months. The company has said that post sale they will pay off all debt and redeem the $2m in preferred stock. They will then do a return of capital of what’s left over and seek out a RTO. I’ve got this down as a partial liquidation as the entity will continue afterwards. What the return will be is pretty uncertain at the moment so I have used adjusted book value. NAV $0.35 (book value adjusted for $2m preferred stock). Timeframe 1 year.
Potential
Whitestone REIT (NYSE:WSR,ISIN:US9660842041)
They own open air retail centers in Texas. In 2024 they received a takeover offer from a shareholder (MCB) at $15. They also asked the board to commence a strategic alternatives process. The board refused to do this. In November 2025 they increased the offer to $15.20 p/s. Now shareholder James Mastandrea has announced they will nominate new trustees to replace the current trustees. Their plan is to improve capital allocation and seek a negotiated sale or liquidation and sale of the properties. I’ve got this down as a potential liquidation. This could be another one of a number of small US listed REITs to sell or liquidate. NAV $15.20 (recent MCB bid price).
Workspace Group plc (LON:WKP, ISIN:GB00B67G5X01)
Flexible workspace owner and operator across 64 locations in London and the South East. Currently at 80% occupancy. They have recently sold off some low conviction assets while reinvesting capital in refurbishments. SABA owns a 13.5% stake and have called for a managed wind down due to the large discount to NAV. They believe private operators would be able to manage the assets more profitably. SABA has given the board till February 20 to announce a wind down policy or they will “consider all options”. Although WKP hasn’t publicly responded to Saba they have recently appointed a new CEO. This is trading at a 42% discount to NAV. NAV £7.21 (reported).
HarbourVest Global Private Equity Ltd (LON:HVPE, ISIN:GG00BR30MJ80)
Updates on Previously Mentioned
They invest globally in private equity funds, secondary investments, and direct co-investments in operating companies. Asset Value Investors (AVI) own 3.3%. They have called for the board to either return capital from realisations at NAV, start a managed run-off with a dual share structure or explore a full company/portfolio sale This has traded at a 25% discount for over 5 years now. There is also a continuation vote scheduled for July 2026. The share register looks pretty open with no stake over 6%. This could be a potential liquidation if the continuation vote fails or the board decides on a managed run off. NAV £43.18 (reported).
Asiamet Resources Ltd (LON:ARS, ISIN:BM04521V1038)
ARS was mentioned in Watchlist #14 as a partial liquidation. Shareholder approval for the transaction was passed last week. The buyers require Chinese regulatory approval, which is expected to be received in February. There’s also transaction-specific conditions that need to be satisfied but the board has indicated they don’t expect any issues. At the time of the transaction announcement, a return of capital from the net proceeds was indicated. I believe this is still going to happen but they have not given an amount or when. My understanding is the board is not particularly trustworthy, so be aware of this risk. NAV £0.023 (KSK project sale consideration)
Ground Rents Income Fund PLC (LON:GRIO, ISIN:GB00B715WG26)
GRIO was profiled Watchlist #8. They have updated shareholders on the draft bill that proposes to cap ground rents in the UK. This could reduce NAV to £0.286 p/s from last reported NAV of £0.545. This is quite the disaster as the board rejected a takeover offer at £0.40 last year. The stock has promptly sold off 30% and is now trading at a 42% discount to the possible reduced NAV.
Sunstone Hotel Investors Inc (NYSE:SHO, ISIN:US8678921011)
SHO was profiled in Watchlist #13. In the Q3 results they said “We remain committed to addressing the valuation discount at which we trade and taking every step possible to deliver value for shareholders. As we have done in the past, the Board and management team will continue to explore all avenues to realize the value of our exceptional portfolio”. Q4 results are due at the end of February, so you might see some more info. This is trading at a 34% discount to Green Street’s NAV estimate and a 4.1% dividend yield. The share price is down 15% from the 2025 high but sticky/high interest rates might put a cap on the upside here.
Conclusion
That’s all for this month’s newsletter.
If you’re a high net worth investor, family office or investment manager you might like to check out the Master Watchlist- Pro Access.
It’s a google spreadsheet profiling over 120 liquidation or potential liquidation situations- saving you more than 20 hours per week searching for them.
I also profile situations that are exclusive to the list that aren’t featured in the newsletter.
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Disclaimer: The content in this write-up is for informational purposes only and should not be construed as financial or investment advice All opinions expressed are my own. Please do your own research or consult with a professional before making any investment decisions.
Disclosure: I, or members of my family, hold shares in LON:ARS and could potentially hold shares in any of the mentioned companies in the future.