Eurocastle Investment Limited
12 November 2004



                          STOCK EXCHANGE ANNOUNCEMENT


For immediate release

12th November 2004




                         EUROCASTLE INVESTMENT LIMITED

                       Re: Interest of Major Shareholder


The Company wishes to announce that on 8th November 2004 Morgan Stanley
Securities Limited acquired an interest in the shares of the Company which
resulted in a total holding of 1,067,460 shares, being 5.78% of the issued share
capital.




Enquiries:


Management International (Guernsey) Limited

Rochelle Mei-Ling Yau

Telephone +44 1481 707211