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Eurocastle Closes Sale of Non-Core Real Estate Portfolio
GUERNSEY, July 5 /PRNewswire/ -- Eurocastle Investment Limited (Frankfurt Stock Exchange: EUI1 and
Euronext Amsterdam: ECT) today announced that it has closed 92% (by value) of
the property sales announced in March to an entity owned by the Whitehall
Street Real Estate Funds, real estate funds managed by Goldman Sachs. The
gains realized on the sale of these assets will be recognized in the second
quarter 2007. The remaining assets are expected to close during the coming
months once customary conditions have been satisfied.
In March 2007, Eurocastle agreed to sell a non-core real estate portfolio
comprising 78 properties for a total price of approximately EUR325 million.
The sale price exceeds Eurocastle's carrying value by approximately 9% and
results in a realized gain net of all costs) of approximately EUR26 million,
or FFO per share of EUR0.40.
About Eurocastle
Eurocastle Investment Limited is a closed-ended investment
company which owns and manages German commercial real estate assets. The
Company is Euro denominated and is listed on Frankfurt Stock Exchange under
the symbol "EUI1" and on Euronext Amsterdam under the symbol "ECT."
Eurocastle is managed by an affiliate of Fortress Investment Group, a leading
global alternative asset manager with approximately US$36 billion in assets
under management as of March 31, 2007. For more information regarding
Eurocastle Investment Limited and to be added to its email distribution list,
please visit www.eurocastleinv.com.
Contact:
International Administration (Guernsey) Limited
Company Administrator
Attn: Mark Woodall
Tel: +44-1481-723450
