Church of England loses £40m in US property investment

New Statesman
26 January 2010

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. the rest