Church of England Commissioners have admitted losing that vast sum on an investment in a New York apartment block. It was part of $5.4bn consortium, but has admitted writing off the entirety of its £40m share. Reported in the Times, a spokesperson for the Church Commissioners said they would investigate the lessons of the disastrous deal: “The investment was made in June 2007, which, with hindsight, was at the top of the property market and immediately before the credit crunch,” they said. Tishman Speyer, the New York company which headed up the deal, bought the apartments in 2006 and funded the move with $4.4bn in borrowings. The property was recently valued and its price tag had dropped $2.6bn to $1.8bn (£1.1bn). Related articles:Is venture capital broken?How mean is your Venture Capitalist?
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
This website uses cookies to improve your experience while you navigate through the website. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may have an effect on your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.