GIC could lose $720 million
An announcement that New York-based property developer Tishman Speyer Properties and a unit of BlackRock will not be making a full scheduled debt payment on Manhattan Eastside properties Stuyvesant Town and Peter Cooper Village could cost the Government Investment Corporation of Singapore (GIC) dearly.
The Singapore sovereign wealth fund owns a $575 million mezzanine loan backed by the property and between $100-200 million in equity, amounting to S$1 billion ($720 million). GIC’s losses in the most...
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