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C of E loses $78M in New York real estate deal

By Daniel Burke

The Church of England stands to lose about US$78 million in a New York real estate investment gone sour. The church's investment was part of a record-setting $5.4 billion deal put together in 2006 by two New York-based firms to buy two massive apartment complexes in Manhattan, Religion News Service reports. After defaulting on loan payments, the firms will cede the downtown properties -- Stuyvesant Town and Peter Cooper Village -- to its lenders.

The Church of England, the mother church of the Anglican Communion, the world's third-largest Christian denomination, invested about $78 million (40 million British pounds) in 2007, before real estate values in New York and elsewhere began to plummet.

Ben Wilson, a senior media officer for the Church of England, told Ecumenical News Service that the New York investment represents less than 1 percent of the church's assets, which are valued at some $6.4 billion. –ENS


English Synod affirms ACNA

THE GENERAL SYNOD of the Church of England has affirmed the desire of the newly-formed Anglican Church in North America (ACNA) “to remain within the Anglican family."

Meeting in London on Feb. 10, the Synod passed the motion with a resounding 309-69 margin (with 17 abstentions).

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