Completion of Dresdner Acquisition

Released: 15/02/2006

Eurocastle Investment Limited (“Eurocastle” or the “Company”)

Completion of Dresdner Acquisition

Guernsey, 15 February 2006 - Eurocastle (Euronext Amsterdam: ECT) announced that it has today completed the €2 billion acquisition of a portfolio of 303 commercial properties in Germany (the “Dresdner Portfolio”) that it announced on 22 December 2005, through the purchase from Dresdner Bank AG (“Dresdner”) of all the units of a German public, open-ended real estate fund (the “Dresdner Acquisition”).

The Company has also today issued 8,571,429 new shares (the “Investment Shares”) to certain funds managed by Fortress Investment Group LLC and the proceeds of that share issue have been used (together with the proceeds of the recent share offering carried out by the Company and third party debt) to fund the Dresdner Acquisition. It is expected that admission of the Investment Shares to listing on Eurolist by Euronext Amsterdam and to trading on Euronext Amsterdam N.V.’s market for listed securities will become effective, and dealing in those shares on the Amsterdam Stock Exchange will commence, on 16 February 2006. The Company’s issued share capital following the issue of the Investment Shares comprises 45,604,099 shares.

About Eurocastle

Eurocastle Investment Limited is a Euro denominated Guernsey closed-ended investment company that invests in and manages a diverse portfolio consisting primarily of European credit leased real estate and real estate related debt. Eurocastle is managed by Fortress Investment Group, a global alternative investment and asset management firm with over $18 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 www.eurocastleinv.com.