EANS-Adhoc: conwert Immobilien Invest SE / conwert Immobilien Invest SE: Issue of convertible bonds

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ad-hoc disclosure transmitted by euro adhoc with the aim of a Europe-wide
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announcement.
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20.01.2010

Not for release or publication in, or distribution to, the United
States of America, Canada, Japan and Australia or any other
jurisdiction in which offers or sales of securities of conwert
Immobilien Invest SE are prohibited by applicable law.

conwert Immobilien Invest SE: Issue of convertible bonds

Vienna, 20 January 2010. conwert Immobilien Invest SE ("conwert"),
listed on the Vienna Stock Exchange, is launching an offering of
senior convertible bonds (the "Bonds") in an aggregate principal
amount of EUR 131 million and an over-allotment option of up to EUR
19 million (approximately 15% of the offering size). The Bonds (ISIN
AT0000A0GMD6) will be privately placed with selected institutional
investors in Austria and other jurisdictions outside the United
States, Canada, Australia and Japan (the "Offering").

conwert is using the authorization granted by the Annual General
Meeting on 27 May 2008 to issue the Bonds. Holders will be entitled
to convert the Bonds into up to approximately 12.8 million shares of
conwert (the "Shares"). The shareholders' pre-emptive rights to
subscribe for the Bonds were excluded by the Annual General Meeting
on 27 May 2008. conwert intends to apply for the Bonds to be traded
on the unregulated Third Market (Multilateral Trading Facility) of
the Vienna Stock Exchange.

The Bonds will have a maturity of six years. Holders of the Bonds
will be entitled to require an early redemption of their Bonds at the
principal amount together with accrued interest on the fourth
anniversary after the issue date. The Bonds in the denomination of
EUR 100,000 each will be offered at an issue price of 100% of par.
The Bonds are expected to have a semi-annual coupon in the range of
4.75% - 5.75% p.a., and the initial exercise price is expected to be
set at a premium of between 30% - 35% above the volume weighted
average price of the Shares during the bookbuilding period today.

The closing and settlement of the Offering is expected to occur on or
around 1 February 2010.

conwert will use the proceeds from the Offering for general corporate
purposes. Simultaneously with the Offering and depending on market
conditions, conwert may repurchase up to EUR 35 million principal
amount of its outstanding 1.50% convertible bonds due 2014 issued in
2007 (ISIN AT0000A07PZ5) at a price of up to 93% of the principal
amount plus accrued interest. In this case conwert may use a portion
of the net proceeds to fund the repurchase.

conwert has agreed to a lock-up with the Joint Bookrunners for 90
days after the settlement date, subject to customary exemptions.

Barclays Capital, Credit Suisse and JP Morgan are acting as Joint
Bookrunners and Raiffeisen Centrobank AG is acting as Co-Lead Manager
of the Offering.

_______________________

The information contained herein is not for release or publication
in, or distribution to, the United States (as defined below), Canada,
Japan and Australia, or any other jurisdiction in which offers or
sales of securities of conwert Immobilien Invest SE are prohibited by
applicable law.

This press release does not constitute or form part of any offer or
solicitation to purchase or subscribe for sale securities of conwert
Immobilien Invest SE. No public offer of the Bonds will be made in
Austria or any other jurisdiction.

This press release is not being issued in the United States of
America, its territories and possessions, any State of the United
States of America, and the District of Columbia ("United States") and
must not be distributed, directly or indirectly, in or into the
United States. The securities referred to in this press release
(including the Bonds and the shares of conwert Immobilien Invest SE)
have not been and will not be registered under the U.S. Securities
Act of 1933, as amended ("Securities Act"), and may not be offered or
sold in the United States absent an exemption from registration under
the Securities Act. No offer or acceptance to repurchase any existing
bonds will be accepted from the United States of America.

This press release is not for general publication, release or
distribution in the United Kingdom and may only be distributed in the
United Kingdom to persons who (i) are investment professionals
falling within article 19(5) of the U.K. Financial Services and
Markets Act 2000 (Financial Promotion) Order 2005, in its current
version (the "Order"), or (ii) are high net worth entities or other
persons to whom it may lawfully be communicated falling within
article 49(2) (a) to (d) of the Order (all such persons will be
referred to as "Relevant Persons" below). Anyone in the United
Kingdom who is not a Relevant Person may not act on the basis of this
press release or its contents. Any investment or investment activity
to which this press release refers is only available to Relevant
Persons and is only carried out with Relevant Persons.

From the announcement of the final terms of the Bonds, Credit Suisse,
as stabilisation manager, may over-allot or effect transactions with
a view to supporting the market price of the Bonds or the existing
Shares of conwert Immobilien Invest SE at a level higher than that
which might otherwise prevail. Such stabilising, if commenced, may be
discontinued at any time and will, in analogous application of
Regulation (EC) No. 2273/2003, be brought to an end no later than the
earlier of 30 calendar days after the closing date and 60 calendar
days after allotment of the Bonds. If commenced, such stabilising may
lead to a market price of the Bonds and/or the existing Shares which
may be higher than the level that would exist if no such stabilising
measures were taken and may indicate to the market a price stability
which without such stabilising might not prevail. However, there is
no obligation to engage in such stabilisation activities and such
stabilisation, if commenced (which may not occur before the final
terms of the Bonds have been announced), may be discontinued at any
time. Following the end of the stabilisation period, information
regarding stabilising activities (including the extent to which
stabilsation has taken place, the dates on which the first and last
stabilisation trades were executed, and the dates on and price range
within which all stabilisation activity took place) will be published
in analogous application of Article 9(3) of Regulation (EC) No.
2273/2003.

end of announcement euro adhoc
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ots Originaltext: conwert Immobilien Invest SE
Im Internet recherchierbar: http://www.presseportal.de

Further inquiry note:

conwert Immobilien Invest SE,

Peter Sidlo, Head of Corporate Communications,

T +43 / 1 / 521 45-250,

E sidlo@conwert.at,

Metrum Communications,

Roland Mayrl,

T +43 / 1 / 504 69 87-331,

E r.mayrl@metrum.at

Branche: Real Estate
ISIN: AT0000697750
WKN: 069775
Index: WBI
Börsen: Wien / official dealing