The Church of England has lost £40m after a New York apartment complex deal it had invested in turned sour.
In June 2007, when the property market was at its peak and the credit crunch was yet to arrive, the Church made investments in Stuyvesant Town and Peter Cooper Village, two Manhattan housing estates situated along the New York’s East River. But the projects incurred huge debts and collapsed when the US property bubble burst next year.
At current exchange rates, where the British pound is worth about $1.62, that means the forlorn CoE lost almost $65 million with that bad investment. Now since their investment fund has some 4.4 billion pounds in it, that’s only a small fraction of their assets.
But still, it’s gotta hurt. Just what the hapless CoE needs, more bad news. Lord, have mercy.
David Handy+
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