Church of England loses £40m in US property gamble

But Tishman has now handed over the entire estates to its creditors after struggling for months to keep up repayments on loans attached to the buyout.

Financial backers of the deal will see their investments largely wiped out. The church commissioners, who manage the Church of England’s assets, revealed that they are writing off "around £40million" put up for a 4% stake in Stuyvesant Town in June 2007.

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