Eurocastle Announces Restructuring of Mars Fixed Portfolio
(Thomson Reuters ONE) -
EUROCASTLE INVESTMENT LIMITED
FOR IMMEDIATE RELEASE
Contact:
International Administration (Guernsey) Limited
Company Administrator
Attn: Mark Woodall
Tel: +44 1481 723450
Eurocastle Announces Restructuring of Mars Fixed Portfolio
Guernsey. 12 May 2011 - Eurocastle Investment Limited (Euronext Amsterdam: ECT)
announces that it has completed the restructuring of its Mars Fixed portfolio
with its Lenders. The Lenders have agreed to an extension of the term of the
Mars Fixed loan facility to July 2014 (with annual amortisation targets expected
to be derived from asset sales), the deferral of a significant part of the
facility's current interest margin and new capital from a junior lender for
capital expenditure on the Mars Fixed portfolio. In addition, Eurocastle's
German asset management platform will continue to provide asset management
services to the portfolio for which it will be compensated over an anticipated
minimum 3 year term. In consideration of these terms, Eurocastle has agreed to
transfer half of its remaining equity investment in the Mars Fixed Portfolio to
a junior lender who will control 75% of the equity in the portfolio, leaving
Eurocastle with a 25% residual investment in the portfolio.
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 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.
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Eurocastle Investment Limited via Thomson Reuters ONE
[HUG#1514874]
Unternehmensinformation / Kurzprofil:
Datum: 12.05.2011 - 08:01 Uhr
Sprache: Deutsch
News-ID 54569
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