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.
People gather at Bryant Park, a nearby attraction of 1440 Broadway. Victor J. Blue/Bloomberg
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Jonathan Shapiro writes about banking and finance, specialising in hedge funds, corporate debt, private equity and investment banking. He is based in Sydney. Connect with Jonathan on Twitter. Email Jonathan at jonathan.shapiro@afr.com
