Eurocastle Investment Limited (Euronext Amsterdam: ECT) announced that it has sold its 27% interest in the units of Fund Investment III, an unlisted Italian real estate fund.

The transaction, together with other distributions, has resulted in total estimated proceeds of €20.9 million or €0.35 per share, compared to the most recently reported adjusted NAV of €12.4 million, or €0.21 per share.

The units were acquired in September 2015 for total consideration of €10.7 million. Taking into account €7.8 million of prior distributions from the investment, this represents a total profit of €18 million and an IRR of 137%.