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16.05.2008 | 08:00 Uhr
Eurocastle Announces the Refinancing of Two Debt Facilities
Guernsey (ots) - Eurocastle Investment Limited (Frankfurt Stock Exchange: EUI1 and Euronext Amsterdam: ECT) today announced that it has signed the refinancing of approximately EUR 330 million (representing all of the outstanding short term tranche due July 2008) of the original EUR 1.6 billion credit facility put in place in respect of the MARS portfolio. The new facility, which is non- recourse to Eurocastle, becomes effective upon the satisfaction of customary conditions precedent and will amortize down to EUR 200 million by 31 December 2008 and mature in June 2009. It has a current loan-to-value of 61%. The original Mars facility remains in place with approximately E1 billion outstanding due July 2014.
Eurocastle has also successfully extended its EUR 300 million working capital facility due in October 2008. The facility was drawn to EUR 150 million at year end. It has been reduced to EUR 175 million and will be reduced further to EUR 125 million by 31 October 2008, maturing on 31 March 2009.
Eurocastle is also pleased to announce that it has signed letters of intent to sell approximately EUR 350 million of German commercial real estate. It is anticipated that binding agreements will be entered into in the near future for completion in mid-2008, and that the sales will result in a net realised gain.
Wesley Edens, Eurocastle's chairman notes, "The German commercial property market continues to be active, and Eurocastle is one of the largest publicly listed owners of German commercial real estate. After the refinancing of the two debt facilities, Eurocastle now has no short term debt maturities. This focused effort to extinguish all short term debt, coupled with the Company's high quality real estate portfolio, positions Eurocastle very well for the remainder of the year."
About Eurocastle
Eurocastle Investment Limited is an investment company which primarily 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 LLC, a global alternative asset manager with approximately $34.2 billion in assets under management as of March 31, 2008. For more information regarding Eurocastle Investment Limited and to be added to our email distribution list, please visit
www.eurocastleinv.com.Contact:
International Administration (Guernsey) Limited
Company Administrator
Attn: Mark Woodall
Tel: +44 1481 723450