RNS Number:4997L 
Eurocastle Investment Limited 
25 April 2005 
 
 
 
EUROCASTLE INVESTMENT LIMITED 
 
Contact: 
Lilly Donohue 
Fortress Investment Group 
Tel +1-212-798-6118 
 
 
 
           Eurocastle Priced Two Secured Debt Offerings to Match-Fund 
   Credit Sensitive Real Estate Securities and Other Asset Backed Securities 
 
London. 25 April 2005 - Eurocastle Investment Limited (LSE: ECT) today announced 
two recently priced debt offerings - £200 million collateralized debt obligation 
(sterling assets) to be issued by Eurocastle CDO II PLC and e400 million 
collateralized debt obligation (euro assets) to be issued by Eurocastle CDO III 
PLC. CDO II and III are expected to close within the next two weeks. 
 
Eurocastle CDO II 
 
£158 million, or approximately 79%, of the issue is expected to be rated AAA/AAA 
by S&P and Fitch respectively. The CDO has an expected weighted average life of 
7.22 years. 
 
The total collateral value of the portfolio after the end of the investment 
period is expected to be approximately £200 million and consist of approximately 
40% commercial mortgage backed securities. Once fully invested, the portfolio is 
expected to have a weighted average credit rating of BBB-. To date, the CDO has 
acquired approximately 72% of the assets that will comprise the completed 
portfolio. 
 
Eurocastle has an approximately £17.5 million equity interest in the CDO II 
portfolio. 
 
Eurocastle CDO III 
 
e324 million, or approximately 81%, of the e400 million issue is expected to be 
rated AAA/AAA by S&P and Fitch respectively. The CDO has an expected weighted 
average life of 7.29 years. 
 
The total collateral value of the portfolio after the end of the investment 
period is expected to be approximately e400 million and consist of approximately 
50% commercial mortgage backed securities. Once fully invested, the portfolio is 
expected to have a weighted average credit rating of BBB-. To date, the CDO has 
acquired approximately 60% of the assets that will comprise the completed 
portfolio. 
 
Eurocastle has an approximately e30 million equity interest in the CDO III 
portfolio. 
 
Eurocastle Investment Limited is a publicly traded investment company listed on 
the London Stock Exchange that invests in and manages a diverse portfolio 
consisting primarily of European real estate securities, other European 
asset-backed securities and other European real estate related assets. 
Eurocastle is managed by Fortress Investment Group LLC. 
 
Fortress Investment Group LLC is a global alternative investment and asset 
management firm founded in 1998 with approximately $15 billion in equity capital 
currently under management. Fortress invests capital on behalf of major US and 
European pension funds, institutional investors and high net worth individuals. 
The firm is headquartered in New York, and has affiliates with offices in 
London, Frankfurt, Rome, Geneva, Sydney and Toronto. 
 
The securities offered have not been registered under the Securities Act of 
1933, as amended, and may not be offered or sold in the United States absent 
registration or an applicable exemption from registration requirements. This 
press release shall not constitute an offer to sell or the solicitation of an 
offer to buy, nor shall there be any sale of these securities in any state or 
jurisdiction in which such offer, solicitation or sale would be unlawful prior 
to registration or qualification under the securities laws of any such state or 
jurisdiction. 
 
Certain items in this press release may constitute forward-looking statements 
including statements relating to expected returns and to the portfolio's 
expected weighted average credit rating and composition. These statements are 
based on management's current expectations and beliefs and are subject to a 
number of trends and uncertainties that could cause actual results to differ 
materially from those described in the forward-looking statements; Eurocastle 
can give no assurance that its expectations will be attained. Factors that could 
cause actual results to differ materially from Eurocastle's expectations 
include, but are not limited to, changes in the real estate and bond markets and 
our continued ability to source new investments in the identified asset 
categories. Such forward-looking statements speak only as of the date of this 
press release. Eurocastle expressly disclaims any obligation to release publicly 
any updates or revisions to any forward-looking statements contained herein to 
reflect any change in Eurocastle's expectations with regard thereto or change in 
events, conditions or circumstances on which any statement is based. 
 
 
 
 
                      This information is provided by RNS 
            The company news service from the London Stock Exchange 
 
END 
MSCSESFWISISEIL 
 
small e before a number denotes euros