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31 May 2012
Frankfurt am Main, Germany
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- Property Debt Breakfast
20 June 2012
London
Fortress' Eurocastle declares massive e454m loss
Eurocastle Investment, the listed German office investment subsidiary of the New York-based Fortress Investments group, recorded a post-tax loss of a massive e454m in 2008, turning round a profit of e135m in 2007. The loss was attributable almost entirely to the depreciation of the portfolio. Net asset value per share also sank to e13.35 from e23.05, while funds from operations slide to e57m from e186m. The company said however that the occupancy rate improved over last year to 85.8% from 84.3% at the close of 2007. Over the course of the year, the group redeemed, extended or refinanced a total of e1.3bn in bank debt. It said it intends to tap capital markets in the near future to raise more equity.