Eurocastle sells Berlin property for €155 million

Released: 21/09/2007

Guernsey. 21 September 2007 – Eurocastle Investment Limited (Frankfurt Stock Exchange: EUI1 and Euronext Amsterdam: ECT) today announced that it has agreed to sell the Kudamm Karree building in Berlin which it acquired earlier this year as part of the Mars portfolio. The property is mixed-use retail and office complex totaling circa 63,000 sqm. The property is a redevelopment project and was part of Eurocastle’s non-core portfolio. The gross sale price is €155 million. The transaction will realize a gain (net of all costs) of approximately €23 million, or FFO per share of €0.27. The completion of the transaction, which is subject to customary conditions, is expected to close during Q4 2007. Eurocastle will use the net proceeds to repay debt.

About Eurocastle

Eurocastle Investment Limited is a closed-ended investment company which owns and manages German commercial real estate assets. The Company is Euro denominated and is listed on Frankfurt Stock Exchange under the symbol “EUI1” and on Euronext Amsterdam under the symbol “ECT.” Eurocastle is managed by an affiliate of Fortress Investment Group LLC, a global alternative asset management firm with approximately $43.3 billion in assets under management as of June 30, 2007. For more information regarding Eurocastle Investment Limited and to be added to our email distribution list, please visit www.eurocastleinv.com.

Contact:
International Administration (Guernsey) Limited
Company Administrator
Attn: Mark Woodall
Tel: + 44 1481 723450