Super fund QSuper hands back keys to NYC office tower
Jonathan ShapiroSenior reporter
Key Points
- QSuper has defaulted on a loan to back its co-investment in an NYC tower
- Rising interest rates and the troubles at WeWork contributed to a fall in value
- Sources say the likely loss is reflected in its fund valuations
Industry super fund QSuper handed back the keys to a prime New York City midtown office tower after its investment went under water just 2½ years after valuing the asset at $US540 million ($855 million) on its books.
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