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GlobeSt.com UPDATE: Eurocastle Views $2B Acquisition as Jumping-Off Point

NEW YORK CITY-Eurocastle executives say their recent acquisition of $2.4-billion worth of office properties in Germany is just the beginning. They intend to expand their commercial and residential holdings in the country.

By Barbara Jarvie | Updated on January 04, 2006

NEW YORK CITY-”This has been a transformational event for Eurocastle,” the firm’s director, Wesley Edens said during a conference call regarding the company’s recently announced $2.4-billion acquisition of the Dresdner portfolio in Germany. He noted that the firm sees the acquisition as just the beginning of its purchases in Germany. “I’m quite sure we’ll find active investment opportunities in the coming months and year in Germany.”

At the end of the year, the firm, which is externally managed by locally based Fortress Investment Group LLC, inked a deal to acquire 303 primarily office buildings largely occupied by Dresdner Bank. He cited an improving economy and pending REIT legislation as reasons why Eurocastle finds the market so attractive. “Germany is the largest real estate market in Europe, yet there are virtually no public companies owning properties.”

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