Guernsey. 26 March 2014 - Eurocastle Investment Limited (Euronext Amsterdam: ECT) ("Eurocastle" or the "Company") announces that the Company committed, through its wholly-owned subsidiary Italy Investments S.à r.l., to make a new investment in the units of the Italian closed-end real estate fund UniCredito Immobiliare Uno ("UIU").
Following the preliminary results of the joint tender offer with the GWM Group, Eurocastle is committed to invest €21.3 million to acquire 11,929 units, representing 36.8% of the initially targeted amount and 7.5% of the total units outstanding. The initial offer price of €1,850 per unit has been reduced to a final tender price of €1,787.50 per unit, reflecting a distribution that was announced during the tender period and has already been paid to the existing unit holders. Adjusting for this distribution, the fund has a reported net asset value of €450.6 million, or €2,816 per unit which would imply a discount on the final tender price of 36.5% to the net asset value. The tender offer expired on 21 March 2014 and will settle on 28 March 2014. The fund consists of 14 mixed use properties with market value of €497.3 million. The assets are 90% concentrated in Milan, Rome and Stezzano.
About Eurocastle
Eurocastle Investment Limited is a closed-ended investment company that owns Italian loans and real estate related assets, German commercial real estate and European real estate securities and loans. 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.
The tender offer for units of the Italian real estate fund UniCredito Immobiliare Uno has not been and will not be promoted in the United States of America and has not been and will not be launched in Australia, Canada, Japan or any other countries other than Italy. The information contained in this release does not constitute and shall not be construed as an offer of securities addressed to persons residing in the United States of America, Canada, Japan, Australia or the Other Countries.
This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX 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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