Goldman Sachs' global real estate investment fund has seen its assets drop from a high of $1.8bn to a current value of $30m, a disclosure by the division has revealed. Whitehall Street International wrote to its investors to tell them of the situation and placed the blame on the state of a market "where estimated asset values have declined materially." The fund, which was formed in 2005, has more than 50% of its capital invested in the US, with other property investments in Germany and Japan, reports the Financial Times. Whitehall noted that its precarious situation may not improve in the near-future, warning that any recovery will be dependent on the "approach of lenders and regulatory agencies towards upcoming troubled debt maturity issues."