Eurocastle Announces Refinancing

Released: 18/02/2009

Guernsey. 18 February 2009 – Eurocastle Investment Limited (Frankfurt Stock Exchange: EUI1 and Euronext Amsterdam: ECT) today announced that it refinanced its €236 million Mars Floating Facility. The amended facility matures on 31 December 2012 and has scheduled amortization payments of €36 million, €50 million and €75 million by the end of 2009, 2010 and 2011, respectively. The interest rate of the loan has increased from 1% to 1.75% over 3 month Euribor. This facility continues to contain no loan to value covenants and benefits from a corporate guarantee up to a maximum of €40 million.

In consideration of the extension of this facility, Eurocastle has agreed to transfer to the Mars Floating lender half of its equity investment in the combined Mars portfolios. The transfer of equity is subject to certain conditions relating to restrictions under the Eurocastle corporate loan facility (which matures on 31 March 2009).

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 $34.3 billion in assets under management as of September 30, 2008. For more information regarding Eurocastle Investment Limited and to be added to our email distribution list, please visit www.eurocastleinv.com.