S’pore GIC says booked losses from Stuyvesant Town

January 11, 2010
Singapore Democrats

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Kevin Lim
Reuters

The Government of Singapore Investment Corp said on Monday it has recognised losses from its investment in New York apartment complex Stuyvesant Town back in October following an adverse court ruling.

“GIC recognised the losses following the ruling by the New York Court of Appeals in October 2009, which precipitated the default,” a spokeswoman for the sovereign wealth fund told Reuters.

GIC did not disclose its exposure to Stuyvesant Town or say how much it wrote off.

According to previous Reuters reports, GIC holds about $575 million in mezzanine debt issued by the owner of New York City’s vast Stuyvesant Town/Peter Cooper Village apartment complex, which on Friday said it missed making a loan payment.

http://in.reuters.com/article/rbssFinancialServicesAndRealEstateNews/idINSGC00343320100111