Eurocastle Investment Limited : Eurocastle Announces New Italian Investment and Closes Sale of Belfry and Truss
December 21 2016 - 02:00AM
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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