Eurocastle Sells Italian Real Estate Fund Units

Eurocastle Investment Limited (Frankfurt Stock Exchange: EUI1 and Euronext Amsterdam: ECT) today announced that it has agreed to sell its entire holding of FIP units in Italy for a gross sale price of EUR169.2 million. The transaction will realize a gain (net of all costs) of approximately EUR15.7 million, or FFO per share of EUR0.25. The completion of the transaction, which is subject to customary conditions, is expected to close this month. The sale of the FIP units is consistent with Eurocastle's strategy to sell non core assets. Eurocastle will use the net proceeds to repay debt.