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Goldman Real Estate Fund Lost 98 Cents on the Dollar

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Henny Sender
Financial Times
Friday, April 16th, 2010

Whitehall Street International, Goldman Sachs’ international real estate investment fund, has lost almost all of its $1.8 billion of equity following soured property investments in the U.S., Germany and Japan, according to the fund’s estimates.

By the end of 2009, the fund was down to its last $30 million, a paper loss of about 98 cents on the dollar, an annual report sent to investors last month said. The report said that Goldman [GS 184.27 -0.65 (-0.35%) ] was Whitehall’s largest investor, with a commitment of $436 million. Last year, Goldman took a loss of $1.76 billion from all its real estate principal investments.

The Whitehall disclosure is the latest in a string of losses reported by bank-owned property funds that relied on debt, and it comes as the Obama administration is seeking to restrict banks’ investment in private equity funds.

It was revealed earlier this week that Morgan Stanley’s [MS 30.88 -0.26 (-0.83%) ] most recent $8.8 billion international property fund will lose as much as two-thirds of its value.

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This article was posted: Friday, April 16, 2010 at 4:39 am

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