GIC Finally Admits Losses After News Went Viral In Cyberspace

[SNAblog]

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

S'pore GIC says booked losses from Stuyvesant Town
Mon Jan 11, 2010 3:01pm IST

SINGAPORE, Jan 11 (Reuters) - The Government of Singapore Investment Corp [GIC.UL] 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.

The complex is owned by a joint venture led by Tishman Speyer and BlackRock Inc (BLK.N: Quote, Profile, Research). [ID:nN08255533] (Reporting by Kevin Lim; Editing by Neil Chatterjee)

 

[Lee Hsien Tau]

Mezzanine debt = unsecured

means farked oredi.

 

[singveld]

Mezzanine debt = unsecured

means farked oredi.

unsecured??

why so? i thought GIC and tamasek are filled with the best singaporean with scholarship to study in best university in the world and got best results in their class.

i did not know they become loan shark, study so much to be a loan shark? what a waste of taxpayer money.

 

[scroobal]

Just like the stock market bull run, everyone is an expert including the housewife and the coffeeshop asst. The real experts emerge in a listless market. GIC, Temasek, GLC are manned by experts but the culture is such that no one will admit to a mistake so finding excuse, discouraging transparency is a norm. Added to that is the problem of having politicians chairing these outfits and no politician can afford to admit mistakes. Certainly not the old man and the PAP.

unsecured??

why so? i thought GIC and tamasek are filled with the best singaporean with scholarship to study in best university in the world and got best results in their class.

i did not know they become loan shark, study so much to be a loan shark? what a waste of taxpayer money.

 

[Lee Hsien Tau]

unsecured??

why so? i thought GIC and tamasek are filled with the best singaporean with scholarship to study in best university in the world and got best results in their class.

i did not know they become loan shark, study so much to be a loan shark? what a waste of taxpayer money.

Mezzanine debt = higher yield but higher risk.

 

[Watchman]

You as Singaporeans can entrust yourself to Ho JinX
for buying up United States of America 's debts !

 

[halsey02]

You as Singaporeans can entrust yourself to Ho JinX
for buying up United States of America 's debts !

My son could have been another "einstein" but he chose to FIX you ( serve you), and my dotter in law, is the best in the world, look at the accolades sHE receives...so ! you bugger!, bug off!.or we meet in the cul de sac!?

 

[kiwibird7]

All those 'experts' who went to University etc will not have an iota of how to become rich from making investments. If a mere degree is all it takes to strike a fortune from making the correct investment decisions, then the richest people should be the FUND managers of unit trusts etc.

The richest people are the mavericks, the risk takers and those that don't follow the herd mentality which is never taught in a University.

 

[General Veers]

GIC booked losses for investment in New York property

<cite>

Channel NewsAsia - <abbr class="timedate" title="Tuesday, January 12">Tuesday, January 12</abbr></cite>

<cite class="caption">
GIC booked losses for investment in New York property

</cite> SINGAPORE: The Government of Singapore Investment Corp (GIC) has booked losses, believed to be in the tune of US$675 million. This is following its exposure to the complex debt problems in one of New York’s biggest apartment complexes that may trigger a foreclosure on the property. GIC’s spokesperson said in a statement to MediaCorp that "GIC recognized the losses following the ruling by the New York Court of Appeals in October 2009 which precipitated the default." The GIC, however, did not disclose how much its exposure was in the apartment complex known as Stuyvesant Town and Peter Cooper Village located in Manhattan that is jointly owned by Tishman Speyer and BlackRock Inc. The apartment complex owners were reported to have missed its loan payments to senior lenders last Friday. According to wire reports, GIC held an estimated US$575 million in mezzanine debt issued by the owners of the apartment complex and another US$100 million in equity.

Default fears have been making its rounds since October last year when the Wall Street Journal (WSJ) reported that the property owners were running out of cash to service its debt payment of US$16 million per month. The WSJ reported then that only US$33.7 million out of US$400 million were left in the owners’ reserves to service its debts, which was forecasted to be depleted by year—end. A check at the Tishman Speyer website indicated that Stuyvesant Town is one of Manhattan’s largest apartment complex that sprawled over 61 acres of land. The property was developed by Metropolitan Life Insurance Company in the mid—1940s. The apartment complex was reported to have been bought by Tishman Speyer Properties and a unit of BlackRock for US$5.4 billion in October 2006 with the hope of raising rents and attracting higher paying tenants, according to WSJ. Apart from the GIC, other equity investors include the California Public Employees’ Retirement System and US—based real estate investment company Gramercy Capital Corp. — CNA/vm

 

[redlightmeansgo]

My son could have been another "einstein" but he chose to FIX you ( serve you), and my dotter in law, is the best in the world, look at the accolades sHE receives...so ! you bugger!, bug off!.or we meet in the cul de sac!?

"We meet in the cul-de-sac and I will show you how to kick your spurs in your bloody hide!"

 

[Internet Brigade]

Past performance is not an indicator of future returns.

 

[soIsee]

Past performance is not an indicator of future returns.

You bloody moron , balls carrying, sucking prick. Ppl here are asking for accountability and as a prick head you are trying to cover your asshole, for your past bad performance not relating to what God damn dreaming profit you will make, in some God damn future.

 

[streetsmart73]

My son could have been another "einstein" but he chose to FIX you ( serve you), and my dotter in law, is the best in the world, look at the accolades sHE receives...so ! you bugger!, bug off!.or we meet in the cul de sac!?

hi there

1. bro, very powderful msg leh!
2. i pee in my pants hoh!
3. yes, pretty impressive portfolio, pay millions to lose billions.
4. good strategy, sinkieland.