Eurocastle Investment said it is targeting further investments in Italy following the acquisition of a stake in a €920 mln non-performing loan portfolio earlier this year.

Eurocastle Investment said it is targeting further investments in Italy following the acquisition of a stake in a €920 mln non-performing loan portfolio earlier this year.

The company, which had a cash balance of €138 mln at end-March 2014, said it continues to focus its investment strategy on Italian non-performing loans and other real estate assets.

In a statement, Eurocastly said it has committed to acquire an interest in a portfolio of Italian non-performing loans with a gross value of €920 mln. The purchase price is around €28 mln, the company added, without disclosing further details.

In March, the group already bought a 7.5% interest in the UniCredito Immobiliare Uno closed-end real estate fund for a total of €21 mln.

The fund owns 14 mixed-use properties with a market value of €497.3 mln. The assets are 90% concentrated in Milan, Rome and Stezzano.

Founded in 2003, Eurocastle is a euro-denominated Guernsey closed-end investment company listed on Euronext Amsterdam. The firm is externally managed and focuses on investing in, financing and managing European real estate assets and debt.