Followers | 241 |
Posts | 12151 |
Boards Moderated | 3 |
Alias Born | 04/05/2009 |
Thursday, October 22, 2015 8:44:16 AM
Thomson Reuters ONE via COMTEX) -- Guernsey. 21 October 2015 - Eurocastle Investment Limited (euronext amsterdam:ECT) ("Eurocastle" or the "Company") announces that, together with other affiliates of Fortress Investment Group LLC, it has received formal regulatory clearance to acquire UniCredit Credit Management Bank S.p.A. ("UCCMB") from UniCredit. The acquisition includes a portfolio of non-performing loans ("NPLs") with a GBV of approximately EUR2.4 billion and an NPL servicing business (the "Servicer"). Eurocastle will acquire a 50% share of the deal for an equity investment of approximately EUR250 million, subject to customary closing adjustments.
UCCMB is the largest captive servicer in Italy with a banking license and approximately EUR34 billion assets under management and a wide network of branches throughout Italy. In addition to the acquisition of the NPLs and the Servicer, the transaction includes a 10-year servicing contract on existing NPLs with the right to service all of UniCredit's future NPLs with balances below EUR1 million generated in the 10-year period.
The transaction is expected to close in the coming weeks.
About Eurocastle
Eurocastle Investment Limited is a closed-ended investment company that owns Italian loans and real estate related assets, German commercial real estate and European real estate securities and loans. The Company is Euro denominated and is listed on Euronext Amsterdam under the symbol "ECT". Eurocastle is managed by an affiliate of Fortress Investment Group LLC, a leading global investment manager. For more information regarding Eurocastle Investment Limited and to be added to our email distribution list, please visit www.eurocastleinv.com.
This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Eurocastle Investment Limited via Globenewswire
http://www.marketwatch.com/story/eurocastle-investment-limited-eurocastle-receives-formal-regulatory-clearance-to-acquire-unicredit-credit-management-bank-2015-10-21
"Someone said it takes 30 years to be an instant success" - Gabriel Barbier-Mueller, CEO of Harwood International
VHAI - Vocodia Partners with Leading Political Super PACs to Revolutionize Fundraising Efforts • VHAI • Sep 19, 2024 11:48 AM
Dear Cashmere Group Holding Co. AKA Swifty Global Signs Binding Letter of Intent to be Acquired by Signing Day Sports • DRCR • Sep 19, 2024 10:26 AM
HealthLynked Launches Virtual Urgent Care Through Partnership with Lyric Health. • HLYK • Sep 19, 2024 8:00 AM
Element79 Gold Corp. Appoints Kevin Arias as Advisor to the Board of Directors, Strengthening Strategic Leadership • ELMGF • Sep 18, 2024 10:29 AM
Mawson Finland Limited Further Expands the Known Mineralized Zones at Rajapalot: Palokas step-out drills 7 metres @ 9.1 g/t gold & 706 ppm cobalt • MFL • Sep 17, 2024 9:02 AM
PickleJar Announces Integration With OptCulture to Deliver Holistic Fan Experiences at Venue Point of Sale • PKLE • Sep 17, 2024 8:00 AM