Goldman Real Estate Fund Down To $30m From $1.8 Billion
Posted By thestatedtruth.com on April 15, 2010
By Henny Sender in New York
Published: April 16 2010
Whitehall Street International, Goldman Sachs’ international real estate investment fund, has lost almost all of its $1.8bn of equity following soured property investments in the US, Germany and Japan, according to the fund’s estimates.
By the end of 2009, the fund was down to its last $30m, a paper loss of about 98 cents on the dollar, an annual report sent to investors last month said. The report said that Goldman was Whitehall’s largest investor, with a commitment of $436m. Last year, Goldman took a loss of $1.76bn from all its real estate principal investments.
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