Eurocastle Announces a €21.3 million Investment in the Units of an
Italian Closed-End RE Fund
Guernsey. 26 March 2014 – Eurocastle Investment Limited (Euronext Amsterdam: ECT)
(“Eurocastle” or the “Company”) announces that the Company committed, through its whollyowned subsidiary Italy Investments S.à r.l., to make a new investment in the units of the Italian closed-end real estate fund UniCredito Immobiliare Uno (“UIU”).
Following the preliminary results of the joint tender offer with the GWM Group, Eurocastle is committed to invest €21.3 million to acquire 11,929 units, representing 36.8% of the initially targeted amount and 7.5% of the total units outstanding. The initial offer price of €1,850 per unit has
been reduced to a final tender price of €1,787.50 per unit, reflecting a distribution that was announced during the tender period and has already been paid to the existing unit holders. Adjusting for this distribution, the fund has a reported net asset value of €450.6 million, or €2,816 per unit which would imply a discount on the final tender price of 36.5% to the net asset value. The tender offer expired on 21 March 2014 and will settle on 28 March 2014. The fund consists of 14 mixed use properties with market value of €497.3 million. The assets are 90% concentrated in Milan, Rome and
Stezzano.