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?
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.