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Eurocastle Wins Portfolio With $2B-Plus Bid

NEW YORK CITY-Eurocastle, which is managed by locally based Fortress, inks a deal that will give it title to approximately 300 buildings. The total price is expected to be approximately $2.4 billion.

By Barbara Jarvie | Updated on December 21, 2005

NEW YORK CITY-Dresdner Bank AG, a unit of insurance concern Allianz AG, has selected London-based Eurocastle Investment Limited as the winning bidder for its German-real estate portfolio. The price works out to be approximately $2.4 billion.

The portfolio includes approximately 300 buildings housing the bank. According to published reports, the transaction does not include the firm’s Frankfurt headquarters.

Eurocastle is managed by locally based Fortress Investment Group. It is a Euro denominated Guernsey closed-ended investment company that invests in and manages a portfolio consisting primarily of European credit leased real estate and real estate-related debt. Fortress is an investment and asset management firm with approximately $16 billion in equity capital currently under management.

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