Eurocastle Investment Limited : Eurocastle Announces Sale of Real Estate Fund Units
February 17 2017 - 2:00AM
Guernsey, 17 February 2017 -
Eurocastle Investment Limited (Euronext Amsterdam: ECT) today
announces that it has sold its 27% interest in the units of Fund
Investment III, an unlisted Italian real estate fund. The
transaction, together with other distributions, has resulted in
total estimated proceeds of €20.9 million[1] or €0.35
per share, compared to the most recently reported adjusted NAV of
€12.4 million, or €0.21 per share. The units were acquired in
September 2015 for total consideration of €10.7 million. Taking
into account €7.8 million of prior distributions from the
investment, this represents a total profit of €18 million and an
IRR of 137%.
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
[1] Subject to
a customary purchase price adjustment mechanics if audited fund
year-end financials are materially different from unaudited
financials.
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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