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FRANKFURT-Eurocastle Investment has put in place plans to raise additional capital in order to pay off some of its $2.1 billion debt. The closed-end investment company will move quickly now that it has received a shareholder pledge to purchase up to $20.6 million of capital, according to a report in PropertyEU.

The Frankfurt and Amsterdam-listed company has been considering raising capital since charting a $602.6 million loss in 2008. The year before, the company had posted $179.2 million in net profits.

The company’s real estate holdings totaled $5.6 billion of investments throughout Europe. The portfolio shrunk in 2008, with Eurocastle owning $6.2 billion at year-end 2007.

To read the rest of the report in PropertyEU click here.

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