Eurocastle Announces Sale of Belfry and Truss
September 13 2016 - 2:01AM
Guernsey, 13 September 2016 - In line
with its strategy to accelerate recoveries from its legacy real
estate assets in Germany, Eurocastle Investment Limited (Euronext
Amsterdam: ECT) ("the Company") today announced that it has agreed
to sell Belfry and Truss, the two remaining Retail portfolios
within its legacy German real estate business. The sale is expected
to generate approximately €2.3 million of net proceeds to the
Company compared to the recently reported adjusted NAV for these
portfolios of zero. The portfolios are comprised of 67 assets
totaling over 134,000 square meters located throughout Germany. The
majority of the assets sold are expected to close in Q4.
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 HYPERLINK
"http://www.eurocastleinv.com" 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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