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Eurocastle Investment Limited: Eurocastle Announces First Half 2017 Financial Results

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Algemeen advies 04/08/2017 12:15
Guernsey, 4 August 2017 - Eurocastle Investment Limited (Euronext Amsterdam: ECT) today has released its financial results for the first half year ended 30 June 2017.

Normalised FFO[1]of €9.1 million, or €0.15 per share[2], for the second quarter of 2017 (H1 2017: €35.1 million, or €0.58 per share2).

Adjusted Net Asset Value[3] of €630.6 million, or €10.49 per share2, representing an increase of €1.36 per share2(14.9%) over the first quarter driven primarily by the revaluation of doBank in the lead up to its IPO that closed in July.

Second Quarter 2017 Dividend of €0.41 per share declared on 3 August 2017 and to be paid on 31 August 2017 to shareholders of record at close of business on 18 August 2017, with an ex-dividend date of 17 August 2017. This follows €25.1 million net NFFO received in cash in the quarter, in line with the Company's recently announced distribution policy.


doBank - For the first half of 2017, the doBank Group reported EBITDA of €30.3 million and Net Income After Tax of €19.7 million (€20.5 million and €14.3 million for the second quarter respectively). This represents a 13% increase for the first half of 2017 on a like for like basis[5], predominantly driven by collections of €888 million; 37% higher than the same period last year. In May 2017, doBank's board of Directors adopted a dividend policy that provides for the distribution of dividends of at least 65% of its net income (subject to the applicable legal requirements).

Romeo NPL Portfolio Financing - On 3 May 2017, the Company announced the successful completion of a €75 million financing on the secured portion of its Romeo NPL portfolio. As a result, Eurocastle received approximately €36 million, or 50% of the net proceeds (after costs and reserves). At the same time, Eurocastle received over €18 million of previously undistributed cash from the portfolio, resulting in total net proceeds to the Company of approximately €54 million.

Italian Real Estate Fund Investments- In April 2017, the Company closed on its previously committed investment in Real Estate Fund V, deploying an additional €4.0 million. This brings the total equity deployed to date to €4.4 million with an expected further €1.4 million to be deployed predominantly over the next nine months. In addition, the Company made a follow-on investment of €1.3 million to acquire the remaining units of Real Estate Fund IV.

Investment Realisations - In addition to the doBank distribution of €24 million[6] and Romeo NPL portfolio proceeds of €54 million, the Company received additional distributions during the second quarter of €8.3 million including €4.8 million from Real Estate Fund I (as a result of sales made by the fund in 2016) and a further €2.8 million from the other NPL portfolios.

Legacy Business[7] Fully Unwound - During the second quarter, the Company unwound its interest in the last remaining Legacy levered portfolio (CDO V) and as such has now fully disposed of all Legacy Investments.


doBank Initial Public Offering - In July, doBank, the largest and highest rated independent non-performing loan servicing group in Italy and in which Eurocastle held a 50% stake, completed its initial public offering ("IPO") at a value equivalent to a market capitalisation of €704 million, a 30% premium to the Group's carrying value as at 31 March 2017 (€672 million as at 30 June 2017). Eurocastle sold 19.1 million of its shares in doBank[8], or 48.8% of its holding, for €9.00 per share, generating €145.8 million of estimated net proceeds. The Company, together with other Fortress affiliates, retains a joint 51.2% interest in the outstanding shares of doBank.

FINO NPL Investment - On 31 July 2017, the Company closed on its previously committed FINO NPL investment deploying approximately €44 million to acquire alongside other Fortress affiliates a 50.1% interest in a significant portion of a €16.2 billion NPL portfolio (reduced from €17.7 billion following interim collections) from UniCredit S.p.A.. Up to closing, the portfolio has been performing above expectations with collections received from the 30 June 2016 cut-off date higher than expected, resulting in less equity required to fund the acquisition than was previously anticipated. The transaction entails further amounts payable over the next 36 months up to an amount of €64.7 million which are expected to be funded by collections on the portfolio or, if not the case, additional equity.

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