Eurocastle Wins First Instance Appeal on German Tax Matter
05 Dezembro 2024 - 6:30AM
UK Regulatory
Eurocastle Wins First Instance Appeal on German Tax Matter
Contact:
Oak Fund Services (Guernsey) Limited
Company Administrator
Attn: Hannah Crocker
Tel: +44 1481
723450
Eurocastle Wins First Instance Appeal on
German Tax Matter
Guernsey, 5 December 2024 – Eurocastle
Investment Limited (Euronext Amsterdam: ECT) (“Eurocastle” or the
“Company”) today announces that it has won its appeal in the German
courts against additional tax assessed in relation to a German
property subsidiary for the period 2008 to 2012. The tax
authorities now have a period to either appeal the judgment or
issue revised tax assessments. The Company expects to be notified
of their decision during the first quarter of 2025.
The Company estimates its total exposure to the
tax matter, which relates to the period 2008 – 2015, at up to €5.4
million of which the Company paid €3.7 million in respect of 2008 –
2012 while it sought reimbursement through the appeal made in the
German courts. The remainder of the estimated exposure, associated
with the same point under dispute, relates to the years 2013 – 2015
which remain subject to ongoing tax audits.
The above estimated total exposure has been
fully reserved for in the Company’s most recently reported Adjusted
NAV of €11.07 per share1. In the event that the tax
authorities decide not to appeal, or the Company prevails on any
such appeal, the Company anticipates being reimbursed the €3.7
million it has paid (plus any accrued interest). In addition, the
Adjusted NAV would likely increase as a result of the full reversal
of the reserve for the tax matter, with an aggregate positive
impact of approximately €5.4 million, or €5.41 per share, taking
the total Adjusted NAV to €16.48 per share.
ABOUT EUROCASTLE
Eurocastle Investment Limited (“Eurocastle” or
the “Company”) is a publicly traded closed-ended investment
company. On 8 July 2022, the Company announced the relaunch of its
investment activity and is currently in the early stages of
pursuing its new strategy by initially focusing on opportunistic
real estate in Greece with a plan to expand across Southern Europe.
For more information regarding Eurocastle Investment Limited and to
be added to our email distribution list, please visit
www.eurocastleinv.com.
1 As at 30 June 2024
Eurocastle Investment (EU:ECT)
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