Public pensions lose big in Xanadu investments

WOODLAND PARK - (AP) - The stalled Xanadu retail andentertainment complex in the Meadowlands has been more than anunfinished eyesore for New Jersey.

For public pensions that invested in it, it's been a seriousmoney drain.

Nine public pension systems from Alaska to Texas to New Yorkinvested nearly $1 billion into two private-equity funds thatinclude Xanadu.

A review by The Record newspaper shows that those pensions haveseen their investments shrink to $360 million - a decline of about60 percent.

The funds are run by Xanadu's main developer, Colony Capital, whichceded control to creditors this summer.

New Jersey's pension system was invested with Xanadu's originaldeveloper and lost $4.5 million.

Xanadu, which sits next to the Izod Center in the sports complexjust outside New York City, was originally slated to open in late2007.

advertisement | advertise on News 12

Trending Video

The Majestic Lanes bowling alley was damaged when 1 Driver crashes into Woodbridge bowling alley
News 12 Long Island's Doug Geed takes a 2 Tasty Tuesday: Fresh spring ingredients
Actress Andrea Martin speaks to News 12's Elisa 3 Interview: Andrea Martin
Computer issues have prevented some Newark city employees 4 Computer issues prevent Newark city employees from being paid
Mikayla Raji, 8, paid for a Jamesburg police 5 Girl whose father was killed in line of duty buys officer dinner

advertisement | advertise on News 12


It's good to know you have Walt Kane Kane in Your Corner

It's good to know you have Walt Kane in your corner.

News 12 takes a look at the hottest Tech Check

Eric Landskroner has a look at the latest gadgets and biggest stories in tech.

News 12 On the Scene

Check out these exclusive videos from New Jersey celebs!

Sorry to interrupt...

Your first 5 are free

Access to News12 is free for Optimum, Comcast®, Time Warner® and Service Electric℠ video customers.

Please enjoy 5 complimentary views to articles, photos, and videos during the next 30 days.