Eurocastle Announces the Refinancing of Two Debt Facilities

Guernsey (ots) - Eurocastle Investment Limited (Frankfurt Stock
Exchange: EUI1 and Euronext Amsterdam: ECT) today announced that it
has signed the refinancing of approximately EUR 330 million
(representing all of the outstanding short term tranche due July
2008) of the original EUR 1.6 billion credit facility put in place
in respect of the MARS portfolio. The new facility, which is non-
recourse to Eurocastle, becomes effective upon the satisfaction of
customary conditions precedent and will amortize down to EUR 200
million by 31 December 2008 and mature in June 2009. It has a current
loan-to-value of 61%. The original Mars facility remains in place
with approximately E1 billion outstanding due July 2014.

Eurocastle has also successfully extended its EUR 300 million
working capital facility due in October 2008. The facility was drawn
to EUR 150 million at year end. It has been reduced to EUR 175
million and will be reduced further to EUR 125 million by 31 October
2008, maturing on 31 March 2009.

Eurocastle is also pleased to announce that it has signed letters
of intent to sell approximately EUR 350 million of German commercial
real estate. It is anticipated that binding agreements will be
entered into in the near future for completion in mid-2008, and that
the sales will result in a net realised gain.

Wesley Edens, Eurocastle's chairman notes, "The German commercial
property market continues to be active, and Eurocastle is one of the
largest publicly listed owners of German commercial real estate.
After the refinancing of the two debt facilities, Eurocastle now has
no short term debt maturities. This focused effort to extinguish all
short term debt, coupled with the Company's high quality real estate
portfolio, positions Eurocastle very well for the remainder of the
year."

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.

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