'EuroCesl publishes interim management report for Q3 2023.'

Property Abroad

Blog

'EuroCesl publishes interim management report for Q3 2023.'

EuroCesl публикует промежуточный отчет руководства за 3 квартал 2023 года.

Kontact: Oak Fund Services (Guernsey) Limited
Company Administrator
Hannah Crocker
Tel: +44 1481 723450

Eurocastle has published its interim management statement for the third quarter of 2023

The company's assets as of September 30, 2023 are:

Main EventsAG/li>
EVENTS FROM SEPTEMBER 30, 2023G/li>

Update of new investment strategy

In mid-November 2023, Eurocastle agreed the acquisition of the first investment property under its new strategy, a part of a boutique retail complex in an upscale neighborhood of Athens, Greece. The asset is being acquired from one of Greece's largest banks in a situation of financial difficulties, where the main tenant is unable to cope with the''commitments. Eurocastle's strategy is to lease out the remaining 20% of the non-residential property, which is currently vacant, and then sell on the open market.

Eurocastle is acquiring the asset with a local partner who expects to take a 20% stake in the asset. The expected total investment is approximately €6.3 million, of which Eurocastle's share is approximately €5.0 million, with the transaction to be completed by the end of 2023, subject to the fulfillment of certain conditions.

As previously announced, Eurocastle plans to leverage the company's investment manager's relationship with a local partner in Greece to pursue investment opportunities. In parallel with the implementation of the first investment project, the company''as of September 30, 2023

Full portfolio information is available on the official website of the company

O EUROCASTLE

Eurocastle Investment Limited ("Eurocastle") is a public closed-end investment company. On July 8, 2022, the Company announced the resumption of its investment activities and is currently in the early stages of implementing its new strategy, beginning with a focus on real estate opportunities in Greece, followed by expansion into Southern Europe. For more information about Eurocastle Investment Limited and to be added to the email newsletter, please visit.

PREVENTIVE PROJECTIONSG/h3>

This report contains statements that are forward-looking. Such forward-looking statements''may relate to, among other things, future real estate sales transactions, the achievement of allocation goals, the availability of investment opportunities and transaction opportunities, the operating performance of our investments and financing needs.

Sale penthouse in Voula 1 731 764,00 $

Greece,Voula

6 Bedrooms

5 Bathrooms

500 м²

Sale flat in Athens 589 410,00 $

Greece,Athens

4 Bedrooms

2 Bathrooms

118 м²

Sale villa in Paros 1 894 117,00 $

Greece,Paros

5 Bedrooms

5 Bathrooms

320 м²

Sale flat in Chania 346 352,00 $

Greece,Chania

2 Bedrooms

1 Bathroom

70 м²

Sale house in Mykonos 2 705 882,00 $

Greece,Mykonos

7 Bedrooms

5 Bathrooms

230 м²

Sale flat in Athens 898 183,00 $

Greece,Athens

4 Bedrooms

2 Bathrooms

121 м²

Forward-looking statements are generally characterized by the use of forward-looking terms such as "may," "will," "should," "potential," "intends," "expect," "endeavor," "seek," "anticipate," "estimate," "overestimate," "underestimate," "believe," "may," "project," "foresee," "continue," "plan," "forecast" or other words or phrases of similar meaning. Forward-looking statements are based on certain assumptions, describe expectations'The company's ability to predict the results or actual effect of future plans or strategies, describe future plans and strategies, forecast the results of operations or financial position or contain other forward-looking information is limited. The company's ability to predict the results or actual effect of future plans or strategies is limited. Although the company believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, actual results and performance may differ materially from those set forth in the forward-looking statements. Forward-looking statements are subject to risks, uncertainties and other factors that could cause the company's actual results in a future period to differ materially from those projected''results or stated expectations, including risks associated with Eurocastle's ability to declare dividends or achieve its asset allocation or asset performance targets.

1 In light of the implementation plan announced in 2019, the Adjusted NAV at September 30, 2023 reflects additional provisions for future costs and potential liabilities that have not been recorded at asset value under IFRS. No liability existed for these future costs and potential liabilities at September 30, 2023.

2 The per share calculations for Eurocastle in this document are based on 998,555 shares unless otherwise stated.

3 Reflects corporate cash and investments in securities net po''cost of sales, taking into account overdue debts and other assets. Investments in securities mainly consist of notification accounts and short-term Italian government bonds.

4 Provisions that were created when the company realized the majority of its invested assets in 2019 so that the company could continue its operations and fund its future costs and potential liabilities. These reserves are not recognized under IFRS.