The Church of England is at risk of possibly tens of millions of pounds of losses because of a bad investment in the New York property market.
It invested in a $5.4bn (£3.3bn) deal headed by Tishman Speyer to buy the Peter Cooper and Stuyvesant Town complexes on Manhattan’s East Side in the boom times of 2006.
Tishman is said to be within a few months, at best, or within weeks, at worst, of running out of cash to service its debt. The Independent says this would almost certainly mean foreclosure. The Wall Street Journal said the Church could lose as much as $70m. The Church confined its comments to acknowledging its involvement.
16/10/09 Independent 7
