Reuters logo
BRIEF-Eurocastle announces new Italian investment and closes sale of Belfry and Truss
December 21, 2016 / 7:12 AM / 9 months ago

BRIEF-Eurocastle announces new Italian investment and closes sale of Belfry and Truss

Dec 21 (Reuters) - Eurocastle Investment Ltd :

* 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 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: Further company coverage: ($1 = 0.9605 euros) (Gdynia Newsroom)

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below