Church of England counts cost of New York property deal

Discussion in 'The Intelligence Cell' started by msr, Jan 25, 2010.

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  1. msr

    msr LE

    The Church of England has suffered a £40 million loss on a disastrous investment in a New York apartment complex that was acquired by a consortium in 2006 for $5.4 billion — the biggest single residential property deal in the United States

    Best they not lecture the rest of us on the evils of gambling, eh?
     
  2. Never mind, they did alright when they sold the Metro Centre in Gateshead a few years back.
    You win some, you lose some.
     
  3. msr

    msr LE

    God or Mammon?
     
  4. Guess they can nick the lead off their own church roofs to make up the short fall and the insurance will pay for a new roof, after all, insurance fraud is a victumless sin.
     
  5. And they are losers. Anybody remember the Ashford Great Park fiasco? I do because the prospect of the development blighted the area for years. He who sups with a property developer needs a long spoon.

    "".....will the hon. Gentleman confirm that, as a consequence of this fiasco, the Church Commissioners have lost an absolute fortune, not least because they acted as guarantors for unsecured loans of £87 million, against agricultural land valued at £3 million? Does not that represent excessive incompetence, and can he guarantee that such a fiasco can never again occur?"

    ".......the increased expertise available to the commissioners, combined with the improved internal control systems and administration, has been a contributory factor in our markedly improved investment results.

    I can only echo the words of the Archbishop of Canterbury; on 29 July 1997, he said: ‘I am satisfied that the right lessons have been learned. We should now draw a line under it. I have full confidence in the strengthened and renewed management of the Commissioners' assets"


    http://www.theyworkforyou.com/debates/?id=1998-03-16a.946.0#g946.3
     
  6. Yup, and after that they sold the Metro for (I think) £364,000,000
    I believe they still retain 10% but I'm not sure.
    Not bad for a lump of land they paid £100k for (plus build costs obviously) but they had a lot of income out of it while they had it.

    They sold the Metro Centre after the debacle you refer to as they felt they have to much money in property.
    Not bad for an outfit that suggested a month or so ago that they needed public money to maintain their churches.....
     
  7. Buggered if I know, highly profitable this faith lark though isn't it? :D
     
  8. Biped

    Biped LE Book Reviewer

    You had to say it didn't you. Now you mention it, they've been disposing of their educational establishment ass-ets lately.
     
  9. I understand that the problem is that whilst the CofE is a major landowner most of it is tied up with the pensions of the clergy and other employees.
     
  10. Theor problem, not ours.
    The Church of England is immensly rich and they can manage on their own without taxpayers help.