Eurocastle Announces Signing Of Its First Investment Under New Strategy
21 Novembre 2023 - 8:00AM
UK Regulatory
TIDMECT
EUROCASTLE INVESTMENT LIMITED
Contact:
Oak Fund Services (Guernsey) Limited
Company Administrator
Attn: Hannah Crocker
Tel: +44 1481 723450
Eurocastle Announces Signing of its First Investment Under New
Strategy
Guernsey, 21 November 2023 -- Eurocastle Investment Limited
(Euronext Amsterdam: ECT) ("Eurocastle" or the "Company") today
announces that it has agreed to acquire the first investment under
its new strategy, part of a boutique retail complex in an affluent
part of Athens, Greece. The asset is being purchased from one of
the largest Greek banks out of a distressed situation where the
main leaseholder is in default. Eurocastle's strategy is to
lease-up the last 20% of the building currently vacant and then
seek an exit in the open market.
Eurocastle is acquiring the asset alongside a local partner (the
"JV Partner") who is anticipated to take a 20% interest in the
asset. The total expected investment is approximately EUR6.3
million, of which Eurocastle's share is approximately EUR5.0m with
a closing targeted before the end of 2023, subject to certain
conditions precedent.
As previously announced, Eurocastle intends to leverage the
relationship of the Company's investment manager with a local JV
Partner in Greece to source investment opportunities. In parallel
with executing this first investment, the Company has been
underwriting a number of additional opportunities.
In order to support its new investment program, Eurocastle has
been working on establishing an investment platform through which
it expects to invest the majority of its current net corporate cash
of over EUR18 million alongside selected external co-investors. In
addition to generating attractive risk adjusted returns on its
share of any investments made through the platform, Eurocastle
anticipates also receiving market standard management and incentive
fees from the external investors.
ABOUT EUROCASTLE
Eurocastle Investment Limited ("Eurocastle" or the "Company") is
a publicly traded closed-ended investment company. On 8 July 2022,
the Company announced the relaunch of its investment activity and
is currently in the early stages of pursuing its new strategy by
initially focusing on opportunistic real estate in Greece with a
plan to expand across Southern Europe. For more information
regarding Eurocastle Investment Limited and to be added to our
email distribution list, please visit www.eurocastleinv.com.
(END) Dow Jones Newswires
November 21, 2023 02:00 ET (07:00 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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