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Eurocastle Investment Limited : Eurocastle Announces Sale of Real Estate Fund Units

PR-Inside.com: 2017-02-17 08:03:01

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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