Eurocastle Announces Refinancing of Corporate Loan Facility

Guernsey (ots) - Eurocastle Investment Limited (Frankfurt Stock
Exchange: EUI1 and Euronext Amsterdam: ECT) today announced that it
has refinanced its EUR175 million corporate loan facility under which
?115 million is outstanding today. Historically a 364 day facility,
the restructured facility has been termed-out to mature on 30 June
2011. It contains scheduled amortisation payments requiring the
facility to be paid down to EUR95 million by 30 June 2009, to EUR65
million by 31 December 2009, to EUR45 million by 30 June 2010 and to
?20 million by 31 December 2010. The interest rate on the loan has
increased from 2% to 8% over 3 Month Euribor and financial covenants
have been substantially renegotiated to the benefit of Eurocastle.
Eurocastle expects to try to raise additional capital in the near to
medium term and, under the terms of the Facility, is required to
raise at least EUR15.4 million in additional capital. It is expected
that this would be raised primarily from existing shareholders and
Eurocastle is pleased to confirm that it has already secured a
conditional undertaking from a major shareholder in relation to
EUR15.4 million in new capital. Further details of any capital
raising plans are expected to be published in the coming weeks.

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
$29.5 billion in assets under management as of December 31, 2008. For
more information regarding Eurocastle Investment Limited and to be
added to our email distribution list, please visit
www.eurocastleinv.com .

DISCLAIMER

NOTHING IN THIS PRESS RELEASE IS INTENDED AS AN OFFER TO SELL OR A
SOLICITATION OF AN OFFER TO BUY ANY SECURITIES. AN INVESTMENT IN
EUROCASTLE INVESTMENT LIMITED (THE "COMPANY") CARRIES CERTAIN RISKS
AND PAST PERFORMANCE CANNOT BE RELIED ON AS A GUIDE TO FUTURE
PERFORMANCE. ANY SECURITIES TO BE ISSUED HAVE NOT BEEN, AND WILL NOT
BE, REGISTERED UNDER THE US SECURITIES ACT OF 1933 AND MAY NOT BE
OFFERED OR SOLD IN THE UNITED STATES EXCEPT PURSUANT TO AN EXEMPTION
FROM THE REGISTRATION REQUIREMENTS OF SUCH ACT. THERE WILL BE NO
PUBLIC OFFER OF SECURITIES IN THE UNITED STATES.

Originaltext: Eurocastle Investment Limited
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Contact:
International Administration (Guernsey) Limited Company Administrator
Attn: Mark Woodall
Tel: +44 1481 723450