Eurocastle Investment Limited : Eurocastle Announces New Italian Investment and Closes Sale of Belfry and Truss
(Thomson Reuters ONE) -
EUROCASTLE INVESTMENT LIMITED
FOR IMMEDIATE RELEASE
Contact:
International Administration Group (Guernsey) Limited
Company Administrator
Attn: Mark Woodall
Tel: +44 1481 723450
Eurocastle Announces New Italian Investment and Closes Sale of Belfry and Truss
Guernsey, 21 December 2016 - Eurocastle Investment Limited (Euronext Amsterdam:
ECT) today announces that it has acquired a 25% interest in a portfolio of four
non-performing loans to a single borrower, with a gross book value of
approximately ?16 million. The loans are approximately 74% secured by first lien
mortgages and 26% unsecured. Affiliates of Fortress Investment Group LLC have
invested alongside Eurocastle by acquiring the remaining interest in the loans.
In addition, following the agreed sale announced in September 2016, 66 of the
67 assets within the legacy German real estate Belfry and Truss portfolios have
successfully closed. The sale generated approximately ?2.3 million of net
proceeds to the Company compared to the reported adjusted NAV of zero for these
portfolios as at 30 September 2016. The remaining asset is expected to close in
January 2017 resulting in a further ?34,000 of net proceeds to the Company.
ABOUT EUROCASTLE
Eurocastle Investment Limited is a publicly traded closed-ended investment
company that focuses on investing in performing and non-performing loans and
other real estate related assets primarily in Italy. The Company is Euro
denominated and is listed on Euronext Amsterdam under the symbol "ECT".
Eurocastle is managed by an affiliate of Fortress Investment Group LLC, a
leading global investment manager. For more information regarding Eurocastle
Investment Limited and to be added to our email distribution list, please visit
www.eurocastleinv.com.
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Eurocastle Investment Limited via GlobeNewswire
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Datum: 21.12.2016 - 02:00 Uhr
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News-ID 1477037
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