27.12.2004 – 11:33

Fortress

Eurocastle Announces Real Estate Transaction with Deutsche Bank

London (ots/PRNewswire)

Eurocastle Investment Limited (LSE:
ECT), an investment company managed by Fortress Investment Group LLC,
today announced the acquisition of a portfolio of 109 properties from
Deutsche Bank AG for approximately Euro 300 million. The properties
predominately consist of office buildings and are largely occupied by
Deutsche Bank. The bank will continue to occupy most of their current
space on a medium to long-term basis.

The properties, totaling 300,000 square meters of leasable space,
are located in 90 cities and towns throughout Germany. The assets are
generally in city center pedestrian areas and we believe that each of
the properties is among the best-located and highest quality assets
in their respective markets.

Wesley R. Edens, Eurocastle's Chief Executive Officer, commented,
"We are excited to complete this sale leaseback transaction with
Deutsche Bank, one of the leading financial service companies in the
world. This investment opportunity allows us to fully deploy the
capital we raised in our IPO and generate attractive risk adjusted
returns for our shareholders."

Mr. Edens added, "This is a long-term investment for Eurocastle
and reflects our interest in Germany as well as other opportunities
in Western Europe to acquire real estate leased to high credit
tenants."

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 related 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 over USD$11 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 and Geneva.

    Contact:
    Lilly Donohue              Markus Goegele       Robert Kauffman
    Fortress Investment Group  Citigate Demuth      Fortress Investment Group
    Tel +1-212-798-6118        Tel +49-69-170071-22 Tel +44-207-2905608

Contact:

Lilly Donohue, +1-212-798-6118, or Robert Kauffman, +44-207-2905608,
both of Fortress Investment Group; or Markus Goegele of Citigate
Demuth, +49-69-170071-22