euro adhoc: conwert Immobilien Invest AG / other / Creating an integrated, full-service European real estate group

Geschrieben am 01-10-2007

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


+ conwert will be change it´s strategic position into an integrated,
full service European real estate group with unchanged focus on
residential properties + conwert to acquire 25 real estate management
companies and real estate service providers + Private selling
shareholders committed to invest net proceeds (approx. 70% of total
proceeds) into conwert shares + Legal form to be changed into a
European SE and conwert introducing a one-tier board system
consisting of supervisory board and executive directors

Vienna, 1 October 2007. conwert Immobilien Invest AG ("conwert"),
listed on the Vienna stock exchange intends to transform itself into
a European full integrated, full-service real estate group. It is the
strategic goal of conwert, to extend its operating business from pure
real estate investment into the new business areas property
management and real estate services. Covering the whole real estate
value chain conwert will be able to generate additional cash-flows.
In addition the already announced increase of portfolio trading
activities will generate further cash flows. Therefore conwert
intends to start paying dividends to its shareholders in the future,
but will still retain sufficient acquisition capacity to develop and
realize an attractive investment pipeline. conwert will maintain it´s
strategic business focus on residential properties extended by an
excellent management expertise in business properties.

conwert-CEO Johann Kowar: "With this new strategic fit conwert is
well equipped to continue on its growth track. The new company
structure reflects international standards and is favored by
investors and international capital markets. We strengthen our
financial capabilities and enhance conwert´s attractiveness and
ability to tap international capital markets as a source of funding
for its future growth. With our new strategic alignment and our new
company structure conwert forms an unique and trend setting business
model in the European property industry."

To implement its new strategy, conwert intends to acquire in total 25
real estate management and real estate service providers: two
management companies conwert Management GmbH ("conwert Management")
and ECO Management GmbH ("ECO Management") as well as certain real
estate service providers in Austria and Alt & Kelber Immobiliengruppe
GmbH & Co KG ("Alt & Kelber") in Germany.

To acquire these 25 entities conwert will pay approximately EUR 216m
in total. The selling shareholders of conwert Management and ECO
Management include amongst others conwert founder Günter Kerbler,
conwert CEO Johann Kowar and ECO Business-Immobilien AG CEO Friedrich
Scheck. The Austrian service providers will be aquired from Wiener
Privatbank Immobilien Invest AG, Alt & Kelber from it´s founder and
owner Jürgen Kelber. All selling shareholders - excluding Wiener
Privatbank - informed conwert, that they intend to reinvest their net
proceeds after tax (approx. 70% of gross proceeds) into conwert
shares with a long-term investment prospective. Subject to the
closing of the transaction, the selling shareholders or a syndicate
intend to publish an offer to conwert shareholders at an expected
offer price of EUR 15 per share. This offer will be restricted to
approx. 10 % of the current number of outstanding shares. The
offering details will be defined in line with the Austrian Take-over

This new strategic positioning of conwert will be subject to an
extraordinary shareholders meeting on October 25, 2007. conwert will
also ask shareholders for approval to change conwert´s legal form
into a European SE. With this new legal form, conwert will introduce
a one-tier board system with one board of directors consisting of
executive and non-executive members. The company will propose that
Günter Kerbler is elected as chairman of the board and Franz Zwickl
as deputy chairman; Johann Kowar will remain CEO of conwert. Further
executive directors will be Andreas Nittel and Alexander Zartl
(members of the current management board of conwert) as well as
Friedrich Scheck (after his expected resignment as ECO CEO and his
election as member of the ECO supervisory board), Claudia Badstöber,
Wolfgang Tutsch, Jürgen Kelber and Walter Leitner. The new management
structure allows conwert to have a flexible and thorough
decision-taking system and at the same time pools all real estate,
investment and management expertise of the company in just one key
decision making board.

JPMorgan acted as financial advisor to conwert in this transaction
and provided a fairness opinion to the management board.

+ About Management Companies conwert Management GmbH manages the
stock listed conwert Immobilien Invest AG and is therefore
responsible for the management of conwert´s residential real estate
assets in Austria, Germany and CEE. With a more than 25 year track
record the company is the Austrian market leader in the
re-development of older residential properties. conwert Management
employs 105 employees.

ECO Management GmbH is responsible for the stock listed ECO
Business-Immobilien AG and the management of ECO commercial real
estate assets. The company has a headcount of 24 and operates in
Austria, Germany and CEE.

+ About Austrian real estate service providers The Austrian real
estate service providers already work closely with conwert and offer
property management, real estate brokerage, insurance brokerage and
construction management services to conwert as well as third parties.
The companies currently employ 74 employees. With the integration of
the companies, conwert will have in-house access to these service
offerings and will become an integrated, full-service provider with
the ability to capture the entire real estate value chain.

+ About Alt & Kelber Alt & Kelber is a leading German real estate
service provider active as third party housing privatization
provider, also well positioned in property management, real estate
brokerage and real estate development. Alt & Kelber employs around
220 employees and has approx. 100 offices throughout Germany. The
acquisition is an important step for conwert´s expansion in Germany
as it provides conwert with a broad and well-established management
platform in Germany, giving access to over 20 years real estate
expertise on the German market.

+ Key Financials of the planned transaction On a pro-forma basis the
transaction would lead to the following changes in the net profits of
conwert: Pro-forma calculations for the FY2006 would show an increase
of net profit of 37%. Pro-forma calculations for the FY2007e would
show +25% increase of net profit.

Pro-forma calculation (EURmm)

conwert stand alone conwert pro-forma**
Net Profit 2006 52 71
2007e 110* 138

*) 2007 estimates based on analyst consensus forecasts **) Management
estimates. Pro-forma adjustment based on management estimates and
reflects incremental interest on financing of purchase price
(assuming acquisition is 60% debt financed in line with conwert
loan-to-value target of 60%). 2007E net profit calculated based on
statutory corporate tax rate (25% for Austria).

end of announcement euro adhoc 01.10.2007 10:13:05

ots Originaltext: conwert Immobilien Invest AG
Im Internet recherchierbar: http://www.presseportal.de

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

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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