Brief: Eurocastle announces new Italian investment and closes sale of Belfry and Truss

Eurocastle Investment

21/12/2016 07:01

Dec 21 (Reuters) - Eurocastle Investment Ltd  ECT.AS : 
    * Eurocastle announces new Italian investment and closes sale of Belfry and Truss 
    * Acquired a 25 percent interest in a portfolio of four non-performing loans to a single 
borrower, with a gross book value of about 16 million euros ($16.7 million) 
    * Loans are approximately 74 percent secured by first line mortgages and 26 percent 
unsecured 
    * Affiliates of Fortress Investment Group LLC  FIG.N  have invested alongside Eurocastle by 
acquiring remaining interest in loans 
    * Following agreed sale announced in Sept. 2016, 66 of 67 assets within legacy German real 
estate Belfry and Truss portfolios have successfully closed 
    * Sale generated approximately 2.3 million euros of net proceeds to company compared to 
reported adjusted nav of zero for these portfolios as at Sept. 30 
    * Remaining asset is expected to close in January 2017 resulting in a further 34,000 euros 
of net proceeds to company 
 
Source text for Eikon:  ID:nGNEbKsDnG  
Further company coverage:  ECT.AS  
 
($1 = 0.9605 euros) 
 
 (Gdynia Newsroom) 
 ((gdynia.newsroom@thomsonreuters.com; +48 58 772 09 20;))