Eurocastle Investment Limited announces Completion of the Italfondiario Acquisition by doBank, New Italian Investments and Release of Third Quarter 2016 Financial Results on 10 November 2016
(Thomson Reuters ONE) -
EUROCASTLE INVESTMENT LIMITED
FOR IMMEDIATE RELEASE
Contact:
International Administration Group (Guernsey) Limited
Company Administrator
Attn: Mark Woodall
Tel: +44 1481 723450
Eurocastle Announces Completion of the Italfondiario Acquisition by doBank, New
Italian Investments and Release of Third Quarter 2016 Financial Results on 10
November 2016
Guernsey, 2 November 2016 - Eurocastle Investment Limited (Euronext Amsterdam:
ECT) today announces that doBank has successfully completed the acquisition of
Italfondiario S.p.A. ("Italfondiario"), the second largest independent non-
performing loan servicer in Italy. Together, doBank and Italfondiario will
represent the largest independent banking group (the "Group") in Italy,
specializing in the credit management and collection of performing and non-
performing loans with over ?83 billion gross book value ("GBV") of loans under
management, and over 4,000 employees and external consultants across 24 offices
in Italy. The creation of the Group is a major milestone in doBank's expansion
in the Italian market which significantly strengthens its position as a leading
partner to the Italian banking system.
In addition, Eurocastle announces that it has acquired a 25% shared interest in
two portfolios of non-performing loans with a combined GBV of approximately ?70
million. Portfolio #1 consists of 7 borrowers and is approximately 91% secured
by first lien mortgages and 9% unsecured. Portfolio #2 consists of loans to 153
borrowers, of which 80% are secured by first lien mortgages with the balance
secured by junior liens (~7%) or unsecured (~13%). Affiliates of Fortress
Investment Group LLC have invested alongside Eurocastle by acquiring the
remaining interest in the portfolios. Italfondiario will be the servicer of the
loans.
Eurocastle will release its financial results for the third quarter ended 30
September 2016 on Thursday, 10 November 2016 before the market opens. In
addition, management will host an earnings conference call at 2:00 P.M. London
time (9:00 A.M. New York time) later that day. All interested parties are
welcome to participate on the live call. You can access the conference call by
dialing first +1-800-215-5243 (from within the U.S.) or +1-330-863-8154 (from
outside of the U.S.) ten minutes prior to the scheduled start of the call;
please reference "Eurocastle Third Quarter 2016 Earnings Call" or conference ID
number "3334554".
A webcast of the conference call will be available to the public on a listen-
only basis at www.eurocastleinv.com. Please allow extra time prior to the call
to visit the site and download the necessary software required to listen to the
internet broadcast. A replay of the webcast will be available for three months
following the call.
For those who are not available to listen to the live call, a replay will be
available until 11:59 P.M. New York time on Saturday, 10 December 2016 by
dialing +1-855-859-2056 (from within the U.S.) or +1-404-537-3406 (from outside
of the U.S.); please reference access code "3334554".
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.
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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