Tags: goldman | sachs | real | estate | fund

Goldman Real Estate Fund Loses Nearly $1.8 Billion

Friday, 16 Apr 2010 01:02 PM

 

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Goldman Sachs Group Inc.'s international real estate fund has lost almost all of its $1.8 billion of equity after investments in the United States, Germany and Japan went bad, according to the Financial Times.

The fund, Whitehall Street International, was down to its last $30 million by the end of 2009, a paper loss of about 98 cents on the dollar, according to an annual report sent to investors last month, the Financial Times said.

The report said that Goldman, having invested $436 million, was Whitehall's largest stakeholder.

A Goldman Sachs spokesman declined to comment on the report.

The news comes after revelations earlier this week that Morgan Stanley may lose nearly two-thirds of the money in its $8.8 billion real estate fund due to bad investments.

The Whitehall fund, raised in 2005, invested more than half its capital in the U.S., and was also heavily exposed to Germany. While the drop in property values was dramatic in these two countries, losses at the Goldman fund were exacerbated by its dependence on debt.

© 2014 Thomson/Reuters. All rights reserved.

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