euro adhoc: conwert Immobilien Invest AG / Capital measures / conwert Immobilien Invest AG starts capital increase of more than EUR 400m

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Disclosure announcement transmitted by euro adhoc. The issuer is responsible
for the content of this announcement.
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16.03.2007

conwert Immobilien Invest AG starts capital increase of more than EUR
400m

Vienna, 16/03/2007. conwert Immobilien Invest AG (Vienna Stock
Exchange: CWI, Reuters: CONW.VI, Bloomberg: CWI AV) is obtaining
additional equity in order to continue the expansion of its property
portfolio. In the context of the capital increase, the greatest
increase to date in the history of the company, up to 26,674,773 new
shares will be offered in the offer period commencing on 19 March and
ending on or about 02 April 2007. The maximum subscription/offer
price is set at EUR 20.88 per new share. The final subscription/offer
price will be set by a book-building process, and will be announced
on 02 April 2007. Depending on the number of issued new shares and
the final offer price, conwert aims gross proceeds from this issue of
more than EUR 400m.

If all of the new shares from the capital increase are issued,
conwert's registered share capital will be increased from currently
EUR 586.85m up to EUR 853.60m. Existing shareholders will be entitled
to subscription rights in the ratio 11:5. conwert’s management will
present the company to potential investors in the context of a
international road show from 19 to 30 March 2007. A consortium of
leading international investment banks will manage conwert’s capital
increase.

The combined offer carried out in the context of this capital
increase will consist of a public offering to retail and
institutional investors in the Republic of Austria and a private
placement to qualified institutional investors outside of the
Republic of Austria.

The issue proceeds from the largest capital increase conwert has ever
made will be used to strengthen the equity base for the further
expansion of the property portfolio. Depending on further market
developments, an investment volume of about EUR 800-1,000m should be
realized in the next 12-18 months. As of 31 December 2006, conwert’s
portfolio consisted of properties in Austria, Germany, the Czech
Republic and Hungary with a value of approx. EUR 1.67bn.

In addition to new acquisitions, parts of the issue proceeds are also
to be invested in the development of properties already in the
portfolio.

conwert has entered into binding contracts for acquisitions amounting
of approx. EUR 221.7m for which a closing is expected in 2007. A
volume of a further EUR 1.03bn is subject to due diligence review
and/or negotiations or where conwert was involved in the bidding
process. Moreover, conwert expects to initiate development activities
with a total of EUR 110m in 2007 in its existing properties.

Based on the current acquisition pipeline, almost half of this will
be realized in Germany, achieved by the acquisition of larger
portfolios and selected single investments. To this end, conwert has
formed a partnership with one of the leading German service
providers, ALT & KELBER Immobiliengruppe. In the context of a joint
venture, in which conwert owns a majority interest of 75% plus 1
share, the two companies will jointly acquire and operate residential
property portfolios.

The property portfolio in the CEE-Region will also be expanded, to
further reinforce the process of internationalization.

In addition to expanding its international activities, conwert plans
to consolidate its strong position on the Viennese market for the
development of older residential properties.

About a third of total investment volume will be used to expand the
property portfolio in Austria.

The offer at a glance
Issuer conwert Immobilien Invest AG
Offer Shares Up to 26,674,773 new shares
Offering Public offer in Austria,
private placement internationally
Subscription/Offer Period 19/03/2007 to 02/04/2007
Subscription/Offer Price Book building process, price is expected
to be set on 02/04/2007
Subscription ratio 11:5
Listing 03/04/2007
Delivery/Settlement 05/04/2007
Stock market listing Wiener Börse (Vienna Stock Exchange), Prime Market
Trading Symbol CWI
ISIN AT0000697750
ISIN Subscription Rights AT0000A04SF8
Dividends Full dividend entitlement 01/01/2007. Until
further notice, no distribution is planned. As of
now, earnings are reinvested.

This press release does not constitute an offer for the sale or a
solicitation or invitation to an offer to purchase securities of
conwert Immobilien Invest AG, but is for information purposes only.
In connection with the public offering of the securities of conwert
Immobilien Invest AG in Austria, only the information contained in
the prospectus as approved by the Austrian Financial Markets
Authority and published is binding. The approved prospectus may be
obtained at conwert Immobilien Invest AG, Albertgasse 35, 1080
Vienna, and at Wiener Privatbank Immobilieninvest AG,
Hohenstaufengasse 5, 1010 Vienna, during usual business hours free of
charge.

The information contained herein is not for publication in or
distribution to United States of America, Canada, Japan and
Australia, or United States Persons or to publications with a general
circulation in the United States. This is not an offer for sale of
the securities in the United States. The securities and subscription
rights referred to herein have not been and will not be registered
pursuant to the US Securities Act of 1933, as amended, and may not be
offered or sold in the United States without registration thereunder
or pursuant to an available exemption therefrom. No public offering
of the securities will be made in the United States.

This document is only being distributed to and is only directed at
(i) persons who are outside the United Kingdom or (ii) to investment
professionals falling within Article 19(5) of the Financial Services
and Markets Act 2000 (Financial Promotion) Order 2005 (as amended)
(the "Order") or (iii) high net worth companies, and other persons to
whom it may lawfully be communicated, falling within Article 49(2)(a)
to (d) of the Order (all such persons in (i), (ii) and (iii) above
together being referred to as "relevant persons"). The securities are
only available to, and any invitation, offer or agreement to
subscribe for, purchase or otherwise acquire such securities will be
engaged in only with, relevant per-sons. Any person who is not a
relevant person should not act or rely on this document or any of its
contents.

end of announcement euro adhoc 16.03.2007 17:25:00
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ots Originaltext: conwert Immobilien Invest AG
Im Internet recherchierbar: http://www.presseportal.de

Further inquiry note:
conwert Immobilien Invest AG,
Johann Kowar, CEO,
T +43 / 1 / 521 45-200,
E kowar@conwert.at

Hochegger|Financials,
Roland Mayrl,
T +43 / 1 / 504 69 87-31,
E r.mayrl@hochegger.com

Branche: Real Estate
ISIN: AT0000697750
WKN: 069775
Index: WBI
Börsen: Wiener Börse AG / official dealing


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