Eurocastle Investment Limited announces Completion of the Italfondiario Acquisition by doBank, New Italian Investments and Re...
November 02 2016 - 11:22AM
EUROCASTLE INVESTMENT
LIMITED
FOR IMMEDIATE RELEASE
Contact:
International Administration Group (Guernsey) Limited
Company Administrator
Attn: Mark Woodall
Tel: +44 1481
723450
Eurocastle
Announces Completion of the Italfondiario Acquisition by doBank,
New Italian Investments and Release of Third Quarter 2016 Financial
Results on 10 November 2016
Guernsey, 2 November 2016 -
Eurocastle Investment Limited (Euronext Amsterdam: ECT) today
announces that doBank has successfully completed the acquisition of
Italfondiario S.p.A. ("Italfondiario"), the second largest
independent non-performing loan servicer in Italy. Together, doBank
and Italfondiario will represent the largest independent banking
group (the "Group") in Italy, specializing in the credit management
and collection of performing and non-performing loans with over €83
billion gross book value ("GBV") of loans under management, and
over 4,000 employees and external consultants across 24 offices in
Italy. The creation of the Group is a major milestone in doBank's
expansion in the Italian market which significantly strengthens its
position as a leading partner to the Italian banking
system.
In addition, Eurocastle announces
that it has acquired a 25% shared interest in two portfolios of
non-performing loans with a combined GBV of approximately €70
million. Portfolio #1 consists of 7 borrowers and is approximately
91% secured by first lien mortgages and 9% unsecured. Portfolio #2
consists of loans to 153 borrowers, of which 80% are secured by
first lien mortgages with the balance secured by junior liens (~7%)
or unsecured (~13%). Affiliates of Fortress Investment Group LLC
have invested alongside Eurocastle by acquiring the remaining
interest in the portfolios. Italfondiario will be the servicer of
the loans.
Eurocastle will release its
financial results for the third quarter ended 30 September 2016 on
Thursday, 10 November 2016 before the market opens. In addition,
management will host an earnings conference call at 2:00 P.M.
London time (9:00 A.M. New York time) later that day. All
interested parties are welcome to participate on the live call. You
can access the conference call by dialing first +1-800-215-5243
(from within the U.S.) or +1-330-863-8154 (from outside of the
U.S.) ten minutes prior to the scheduled start of the call; please
reference "Eurocastle Third Quarter 2016 Earnings Call" or
conference ID number "3334554".
A webcast of the conference call
will be available to the public on a listen-only basis at
www.eurocastleinv.com. Please allow extra time prior to the call to
visit the site and download the necessary software required to
listen to the internet broadcast. A replay of the webcast will be
available for three months following the call.
For those who are not available to
listen to the live call, a replay will be available until 11:59
P.M. New York time on Saturday, 10 December 2016 by dialing
+1-855-859-2056 (from within the U.S.) or +1-404-537-3406 (from outside of the U.S.); please
reference access code "3334554".
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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