TIDMECT 
 
   Contact: 
 
 
   Oak Fund Services (Guernsey) Limited 
 
   Company Administrator 
 
   Attn:  Mark Woodall 
 
   Tel:  +44 1481 723450 
 
 
   Eurocastle Releases Third Quarter 2020 Interim Management Statement 
 
 
 
   Guernsey, 12 November 2020 -- Eurocastle Investment Limited (Euronext 
Amsterdam: ECT) today 
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has released its interim management statement for the quarter ended 30 
September 2020. 
 
   Q3 2020 BUSINESS HIGHLIGHTS 
 
   ..Adjusted Net Asset Value ("NAV")(1) of EUR13.8 million, or EUR7.46 per 
share(2) , up EUR0.20 per share vs. EUR7.26 per share at 30 June 2020 
due to: 
 
 
   1. Valuation increases: 
 
          -- EUR0.20 per share increase (4%) in the valuation of the remaining 
             three real estate fund investments. 
 
          -- EUR0.07 per share increase (12%) in the valuation of the remaining 
             three NPL and other loan interests. 
 
   2. Reserve and legacy movements of (EUR0.07) per share. 
 
 
 
 
 
 
 
 
 
                                 Q3 CASH 
              Q2 2020 NAV        Movement      Q3 FV Movement    Q3 2020 NAV 
             --------------  ---------------  ----------------  -------------- 
                       EUR             EUR               EUR              EUR 
               EUR     per     EUR     per      EUR      per      EUR     per 
             million  share  million  share   million   share   million  share 
Real Estate 
 Funds          10.3   5.57    (2.2)  (1.19)       0.4    0.20      8.5   4.58 
Italian 
 NPLs & 
 Other 
 Loans           1.1   0.60    (0.0)  (0.00)       0.1    0.07      1.2   0.67 
Net 
 Corporate 
 Cash(3)         2.0   1.09      2.2    1.19     (0.1)  (0.07)      4.1   2.21 
Adjusted 
 NAV            13.4   7.26        -       -       0.4    0.20     13.8   7.46 
===========  =======  =====  =======  ======  ========  ======  =======  ===== 
 
 
 
   CASH & MARKET OUTLOOK 
 
 
   -- The Company received EUR2.2 million from its investments in the quarter, 
      with EUR1.2 million from Real Estate Fund Investment I (82% of its Q2'20 
      NAV) and EUR1.0 million from Real Estate Fund Investment II (24% of its 
      Q2'20 NAV). With the uncertainty of another COVID related lockdown 
      looming in Italy, the Directors have elected to retain these cash 
      proceeds in the Company until there is greater certainty around the 
      impact this could have on the Italian residential real estate market. 
 
          -- The cash received in the quarter, along with the prudent 
             management of cash reserves, leaves the Company well capitalised 
             to maximize the value of its remaining assets and to weather the 
             uncertainty that COVID-19 has created. 
 
   -- The Company's current assets comprise: 
 
          -- Interests in two real estate redevelopment funds where 
             construction is fully completed. The units are in the process of 
             being sold, however the sales pace is impacted by the continued 
             uncertainty brought about by the coronavirus outbreak. Both 
             developments offer luxury residential apartments with high 
             specification furnishings in Rome. 
 
          -- Interests in a public fund which, following the sale of its 
             remaining real estate assets in 2019, is in the process of being 
             liquidated with its residual assets predominantly comprising cash. 
 
          -- Residual minority interests in three predominantly secured NPL & 
             Other Loan pools. 
 
 
   NOTICE: 
 
   This announcement contains inside information for the purposes of the 
Market Abuse Regulation 596/2014. 
 
   ADDITIONAL INFORMATION 
 
   For investment portfolio information, please refer to the Company's most 
recent Financial Report, which is available on the Company's website ( 
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www.eurocastleinv.com). 
 
   ABOUT EUROCASTLE 
 
   Eurocastle Investment Limited ("Eurocastle" or the "Company") is a 
publicly traded closed-ended investment company, focused on Italian 
performing and non-performing loans, Italian loan servicing platforms 
and other real estate related assets in Italy. On 18 November 2019, the 
Company announced a plan to realise the majority of its assets with the 
aim of accelerating the return of value to shareholders. The Company 
will not currently seek material new investments from the proceeds of 
the realisation but will continue to support its existing investments to 
the extent required in order to optimise returns and distribute cash to 
shareholders when available (the "Realisation Plan"). For more 
information regarding Eurocastle Investment Limited and to be added to 
our email distribution list, please visit 
https://www.globenewswire.com/Tracker?data=-opn_TCDBGF2AnH-2YnBo2mLp2YIKpQ0EJZZy3ibZGMP0xgAFG_VXaX1qv_Zc-gUusaQOacec37zsvceLHeIrHEKuPS3ccjwP9i2V517cQA= 
www.eurocastleinv.com. 
 
   FORWARD LOOKING STATEMENTS 
 
   This release contains statements that constitute forward-looking 
statements. Such forward-looking statements may relate to, among other 
things, future commitments to sell real estate and achievement of 
disposal targets, availability of investment and divestment 
opportunities, timing or certainty of completion of acquisitions and 
disposals, 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", "endeavor", "seek", "anticipate", "estimate", 
"overestimate", "underestimate", "believe", "could", "project", 
"predict", "project", "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. The Company's 
ability to predict results or the actual effect of future plans or 
strategies is limited. Although the Company believes that the 
expectations reflected in such forward-looking statements are based on 
reasonable assumptions, its 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 the Company's actual results in future periods to 
differ materially from forecasted results or stated expectations 
including the risks regarding Eurocastle's ability to declare dividends 
or achieve its targets regarding asset disposals or asset performance. 
 
   (1) In light of the Realisation Plan announced on 18 November 2019, the 
Adjusted NAV reflects additional reserves for future costs and potential 
liabilities, which have not been accounted for under the IFRS NAV. The 
IFRS NAV as at 30 September 2020 is EUR30.5 million, or EUR16.46 per 
share. 
 
   (2) Per share calculations for Eurocastle throughout this document are 
based on the weighted average shares of 1,853,328 for the period under 
review. 
 
   (3) Reflects corporate cash net of liabilities and additional reserves. 
 
 
 
 

(END) Dow Jones Newswires

November 12, 2020 02:00 ET (07:00 GMT)

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