Eurocastle Announces Closing of Refinancing

Released: 27/06/2008

Guernsey. 27 June 2008 – Eurocastle Investment Limited (Frankfurt Stock Exchange: EUI1 and Euronext Amsterdam: ECT) today announced that it has closed the refinancing of approximately €80 million on three properties previously financed through the €330 million Mars floating facility. The new facility has a five year maturity with a current loan-to-value of 65%. The loan has a spread of 1.02% over Euribor and is swapped to a fixed interest rate of 5.07%. As a result of the refinancing, the amount drawn on the Mars floating facility is now €244 million.

Wesley Edens, Eurocastle’s chairman notes, “With this refinancing, we continue to reduce and extend our short-term debt maturities. We are pleased with the terms of the financing, which demonstrate that the loan market is still active for established counterparties with good quality assets.”

About Eurocastle
Eurocastle Investment Limited is an investment company which primarily 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 manager with approximately $34.2 billion in assets under management as of March 31, 2008. For more information regarding Eurocastle Investment Limited and to be added to our email distribution list, please visit www.eurocastleinv.com.