Eurocastle Investment Limited ("Eurocastle" or the "Company") Priced 16,216,216 New Shares in Offer at ¤37 per New Share

Geschrieben am 01-12-2006

Guernsey (ots) -


Eurocastle (Euronext Amsterdam: ECT) announced today the
successful pricing of its offer (the "Offer") of new ordinary shares
("New Shares") at a price (the "Offer Price") of EUR 37 per New
Share. The number of New Shares to be issued (assuming no exercise of
the over-allotment option) is 16,216,216, raising gross proceeds of
approximately EUR 600 million. Eurocastle has granted an
over-allotment option to Deutsche Bank AG, London Branch on behalf of
the underwriters to acquire 1,621,622 additional New Shares at the
Offer Price. This over-allotment option may be exercised at any time
up to and including 31 December 2006.

It is expected that the net proceeds of the Offer will be used to
fund the acquisition of further investments to increase the size and
diversification of the Company's commercial real estate portfolio in
Germany and to fund the repayment of amounts drawn down under the
Company's revolving credit facility with Deutsche Bank. Pending cash
requirements for German real estate acquisitions, the Company will
use that portion of the net proceeds temporarily for other

The New Shares (excluding the shares which are subject of the
over-allotment option) represent approximately 26.2 per cent. of the
Company's enlarged ordinary share capital immediately after admission
of the New Shares to listing on Euronext Amsterdam N.V.'s Eurolist by
Euronext ("Eurolist by Euronext").

It is expected that admission of the New Shares to listing on
Eurolist by Euronext will become effective and that dealings in the
New Shares will commence, on 6 December 2006.

The prospectus relating to the Offer will be published on 1
December 2006. Copies of the prospectus will be available from the
Company's registered office from the date of publication.

Deutsche Bank AG, Goldman Sachs International, Lehman Brothers
International (Europe) and Morgan Stanley & Co. International Limited
are acting as joint lead managers and joint bookrunners in respect of
the Offer.

About Eurocastle

Eurocastle Investment Limited is a closed-ended investment company
with a focus on German commercial real estate assets. The Company is
Euro denominated and is listed on Euronext Amsterdam under the symbol
"ECT." Eurocastle is managed by Fortress Investment Group LLC, a
global alternative investment and asset management firm with
approximately $26 billion in equity capital currently under
management. For more information regarding Eurocastle Investment
Limited and to be added to our email distribution list, please visit

For further information please contact:
International Administration (Guernsey) Limited
Company Administrator
Attn: Mark Woodall
Tel.: +44 1481 723450

This announcement is an advertisement and not a prospectus and
investors should not subscribe for or purchase shares referred to in
this announcement except on the basis of information in the
prospectus to be published by the Company in due course in connection
with the admission of the New Shares to listing and trading on
Eurolist by Euronext (the "Prospectus"). Copies of the Prospectus
will be available from the Company's registered office following
publication. No public offer is being made of the New Shares. In any
Member State that has implemented the Prospectus Directive, the Offer
will only be made to, and will only be directed at, qualified
investors in that Member State within the meaning of the Prospectus
Directive or otherwise so that there is no offer to the public in
that Member State.

Each of Deutsche Bank AG, Goldman Sachs International, Lehman
Brothers International (Europe) and Morgan Stanley & Co.
International Limited, is acting for Eurocastle in connection with
the Offer and no one else and will not be responsible to anyone other
than Eurocastle for providing the protections offered to clients of
Deutsche Bank AG, Goldman Sachs International, Lehman Brothers
International (Europe) or Morgan Stanley & Co. International Limited,
as the case may be, nor for providing advice in relation to the Offer
or in relation to the contents of this announcement or any other
transaction, arrangement or matter referred to herein.

These materials may not be distributed, directly or indirectly, in
or into the United States, Canada, Australia or Japan. They are not
an offer to sell or the solicitation of an offer to buy the
securities discussed herein.

This announcement does not constitute an offer of securities for
sale in the United States. The securities mentioned herein have not
been, and will not be, registered under the U.S. Securities Act of
1933 (the "Securities Act"), and may not be offered or sold in the
United States, or to, or for the account or benefit of, US persons
(as such term is defined in Regulations S under the Securities Act)
unless they are registered under the Securities Act or pursuant to an
exemption from registration. No public offering of securities is
being made in the United States. In addition, the issuer of the
securities mentioned herein has not been and will not be registered
under the U.S. Investment Company Act of 1940 and investors will not
be entitled to the benefits of such act.

In connection with the Offer, Deutsche Bank AG, as stabilising
manager, may, for stabilisation purposes, over-allot New Shares up to
a maximum of 10 per cent. of the total number of shares comprised in
the Offer. For the purposes of allowing Deutsche Bank AG, London
Branch to cover short positions resulting from any such
over-allotments and/or from sales of shares effected by it during the
stabilisation period, the Company has granted it an option pursuant
to which Deutsche Bank AG, London Branch may require the Company to
issue additional shares up to a maximum of 10 per cent. of the total
number of shares comprised in the Offer at the Offer Price. The
over-allotment option is exercisable in whole or in part, upon notice
by Deutsche Bank AG, for thirty calendar days after the date of
allotment of the New Shares. Any shares issued by the Company
following exercise of the over-allotment option will be issued on the
same terms and conditions as the New Shares and will form a single
class for all purposes with the other New Shares.

In connection with the Offer, Deutsche Bank AG, as stabilising
manager, or any of its agents, may (but will be under no obligation
to), to the extent permitted by applicable law, over-allot and effect
other transactions with a view to supporting the market price of the
ordinary shares at a level higher than that which might otherwise
prevail in the open market. Deutsche Bank AG, London Branch is not
required to enter into such transactions and such transactions may be
effected on any stock market, over-the-counter market or otherwise.
Such stabilising measures, if commenced, may be discontinued at any
time and may only be taken during the period from 1 December up to
and including 31 December 2006.

This announcement does not constitute or form part of any offer
for sale or subscription of, or any solicitation of any offer to
purchase or subscribe for ordinary shares in the capital of the
Company in any jurisdiction. The offer to subscribe for New Shares
pursuant to the proposed Offer will be made solely on the basis of
information that will be contained in the Prospectus. The price and
value of, and income from, shares may go down as well as up. Persons
needing advice should consult a professional adviser. Past
performance is not a guide to future performance.

This announcement contains statements that constitute
forward-looking statements and relate to, amongst other things,
future commitments to acquire German real estate and the making of
other investments. Forward-looking statements are generally
identifiable by the use of forward-looking terminology such as
"will", "may" or other similar words or expressions. Such statements
are based on certain assumptions, future expectations, plans and
strategies. The Company's ability to predict results or the actual
effect of future plans or strategies is limited. Although the Company
believes that the expectations reflected in such forward-looking
statements are based on reasonable assumptions, its actual results
and performance may differ materially from those set forth in the
forward-looking statements, in particular as a result of the risk
that the Company may not be able to reach agreement or suitable terms
with respect to any significant portion of the German real estate
acquisition opportunities currently being evaluated.

Originaltext: Eurocastle Investment Limited
digital press kits: http://presseportal.de/story.htx?firmaid=60662
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