FORTRESS INVESTMENT GROUP LLC
Eurocastle Announces Real Estate Transaction Deutsche Bank
Eurocastle Announces Real Estate Transaction with Deutsche Bank
LONDON, December 27/PRNewswire/ -- Eurocastle Investment Limited
(LSE: ECT), an investment company managed
by Fortress Investment Group LLC, today announced the acquisition of a
portfolio of 109 properties from Deutsche Bank AG for approximately
Euro 300 million. The properties predominately consist of office
buildings and are largely occupied by Deutsche Bank. The bank will
continue to occupy most of their current space on a medium to
long-term basis.
The properties, totaling 300,000 square meters of leasable space,
are located in 90 cities and towns throughout Germany. The assets are
generally in city center pedestrian areas and we believe that each of
the properties is among the best-located and highest quality assets in
their respective markets.
Wesley R. Edens, Eurocastle's Chief Executive Officer, commented,
'We are excited to complete this sale leaseback transaction with
Deutsche Bank, one of the leading financial service companies in the
world. This investment opportunity allows us to fully deploy the
capital we raised in our IPO and generate attractive risk adjusted
returns for our shareholders.'
Mr. Edens added, 'This is a long-term investment for Eurocastle
and reflects our interest in Germany as well as other opportunities in
Western Europe to acquire real estate leased to high credit
tenants.'
Eurocastle Investment Limited is a publicly traded investment
company listed on the London Stock Exchange that invests in and
manages a diverse portfolio consisting primarily of European real
estate related asset-backed securities and other European real estate
related assets. Eurocastle is managed by Fortress Investment Group
LLC.
Fortress Investment Group LLC is a global alternative investment
and asset management firm founded in 1998 with over USD$11 billion in
equity capital currently under management. Fortress invests capital on
behalf of major US and European pension funds, institutional investors
and high net worth individuals. The firm is headquartered in New York,
and has affiliates with offices in London, Frankfurt, Rome and
Geneva.
Contact:
Lilly Donohue Markus Goegele Robert Kauffman
Fortress Investment Group Citigate Demuth Fortress
Investment Group
Tel +1-212-798-6118 Tel +49-69-170071-22 Tel
+44-207-2905608
Source: Fortress Investment Group LLC
Lilly Donohue, +1-212-798-6118, or Robert Kauffman, +44-207-2905608,
both of Fortress Investment Group; or Markus Goegele of Citigate
Demuth, +49-69-170071-22
27 dec 04 11:41