Eurocastle Investment Limited
03 November 2004


                          STOCK EXCHANGE ANNOUNCEMENT


For immediate release

3rd November 2004


                         EUROCASTLE INVESTMENT LIMITED

                       Re: Interest of Major Shareholder


The Company wishes to announce that on 29th October 2004 Morgan Stanley
Securities Limited acquired an interest in the shares of the Company which
resulted in a total holding of 998,560 shares, being 5.41% of the issued share
capital.



Enquiries:


Management International (Guernsey) Limited

Kate J A Stallard

Phone (+44 1481) 707198