EUROCASTLE INVESTMENT LIMITED AND SUBSIDIARIES / FINANCIAL RESULTS FOR THE NINE MONTHS AND QUARTER ENDED 30 SEPTEMBER 2008

ST. PETER PORT, Guernsey (ots) -

- Cross-Reference: FINANCIAL RESULTS FOR THE NINE MONTHS AND
QUARTER ENDED 30 SEPTEMBER 2008 are available at
http://www.presseportal.de/dokumente -

Eurocastle Investment Limited ("the Company") primarily owns and
invests in German commercial property. The Company and its
subsidiaries ("the Group") has Euro denominated shares which are
currently listed on Euronext Amsterdam, under the symbol "ECT" and on
the Frankfurt Stock Exchange, under the symbol "EUI1". Eurocastle is
managed by an affiliate of Fortress Investment Group LLC. For more
information regarding Eurocastle and to be added to our email
distribution list, please visit www.eurocastleinv.com.

Highlights

Financial

* FFO* was EUR 14.7 million or EUR 0.23 per share for the quarter
ended 30 September 2008 and EURO 69.8 million or EUR 1.09 per
share for the nine months ended 30 September 2008, compared with
EUR 33.1 million or EUR 0.52 per share and EUR 118.2 million or
EUR 1.85 per share for the quarter and nine months ended 30
September 2007 respectively.

* NAV per share of EUR 17.60 as at 30 September 2008 comprising of
(EUR 0.35) for the debt investment business and EUR 17.95 for
the commercial property portfolio (31 December 2007: EUR 23.05
comprising EUR 2.11 for the debt investment business and EUR
20.94 for the commercial property portfolio).

* Adjusted NAV** reflects the estimated value of all our financial
assets and liabilities within the debt investment portfolio and
amounted to EUR 23.32 per share for the group as a whole and to
EUR 5.37 per share for the debt investment business (31 December
2007: EUR 23.47 per share for the group as a whole and EUR 2.54
per share for the debt investment business).

* Net loss after tax was EUR 74.6 million for the quarter ended 30
September 2008 and EUR 190.3 million for the nine months ended
30 September 2008, compared with a profit of ?49.4 million and
EUR 340.0 million for the quarter and nine months ended 30
September 2007 respectively. The losses primarily relate to non-
cash valuation adjustments to our portfolio.

Business review

* Sold five properties during the quarter, for total sales
proceeds of EUR 109.2 million, recognising a gain on book cost, net
of all transaction costs of EUR 3.1 million.

* Occupancy remained stable at 84.5% when compared with 30 June
2008 on a like-for-like basis.

* During the quarter the Group signed 174 commercial leases for
approximately 85,000 square metres, including 68 new leases for
approximately 30,000 square metres.

* For an explanation of FFO, see Note 20.
** For a reconciliation of NAV to adjusted NAV, see the section
headed "Net asset value" on page 8.

Conference Call

Management will conduct a conference call today, 24 November 2008,
to review the Group's financial results for the nine months and
quarter ended 30 September 2008. The conference call is scheduled for
1:00 P.M. London time (08:00 A.M. New York time). All interested
parties are welcome to participate on the live call. You can access
the conference call by dialling +1-877-717-3044 (from within the
U.S.) or +1-706-679-1521 (from outside of the U.S.) ten minutes prior
to the scheduled start of the call; please reference "Eurocastle
Third Quarter Earnings Call."

A webcast of the conference call will be available to the public
on a listen-only basis at www.eurocastleinv.com. Please allow extra
time prior to the call to visit the site and download the necessary
software required to listen to the internet broadcast. A replay of
the webcast will be available for three months following the call.

For those who are not available to listen to the live call, a
replay will be available until 11:59 P.M. New York time on Monday, 1
December 2008 by dialling +1-800-642-1687 (from within the U.S.) or
+1-706-645-9291 (from outside of the U.S.); please reference access
code "73383515."

Forward-Looking Statements

This release contains statements that constitute forward-looking
statements. Such forward-looking statements relate to, among other
things, future commitments to acquire real estate and achievement of
acquisition targets, availability of attractive investment
opportunities, methods of funding portfolios, timing of completion of
acquisitions, the operating performance of our investments and
financing needs. Forward-looking statements are generally
identifiable by use of forward-looking terminology such as "may",
"will", "should", "potential", "intend", "expect", "endeavour",
"seek", "anticipate", "estimate", "overestimate", "underestimate",
"believe", "could", "project", "predict", "continue", "plan",
"forecast" or other similar words or expressions. Forward-looking
statements are based on certain assumptions, discuss future
expectations, describe future plans and strategies, contain
projections of results of operations or of financial condition or
state other forward-looking information. Our ability to predict
results or the actual effect of future plans or strategies is
limited. Although we believe that the expectations reflected in such
forward-looking statements are based on reasonable assumptions, our
actual results and performance may differ materially from those set
forth in the forward-looking statements. These forward-looking
statements are subject to risks, uncertainties and other factors that
may cause our actual results in future periods to differ materially
from forecasted results or stated expectations, including the risk
that leasing markets will continue to be strong or that Eurocastle
will be able to achieve its targets regarding asset disposals,
operational growth particularly any increase in leasing of vacant
space on acceptable terms or take advantage of widening credit
spreads to acquire good quality collateral at discounted prices.

Originaltext: Eurocastle Investment Limited
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Contact:

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