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EANS-Adhoc: conwert Immobilien Invest SE
voluntary public takeover offer for ECO Business-Immobilien AG

  ad-hoc disclosure transmitted by euro adhoc with the aim of a Europe-wide
  distribution. The issuer is solely responsible for the content of this
  announcement.
15.06.2010
conwert: voluntary public takeover offer for ECO Business-Immobilien 
AG
+ conwert Immobilien Invest SE announces voluntary public takeover 
offer for ECO Business-Immobilien AG + Offer price of EUR 6.50 per 
share exceeds 6-month average price by 34.3% + Minimum acceptance 
threshold amounts to 50% + 1 share of free float + Takeover enables 
rapid and efficient enhancement of latent value in the interests of 
ECO and conwert shareholders
Vienna, 15.06.2010. conwert Immobilien Invest SE, listed on the 
Vienna Stock Exchange, announces that it will submit a voluntary 
public takeover bid to all the other shareholders of ECO 
Business-Immobilien AG. The offer price will amount to EUR 6.50 in 
cash. conwert will thus offer a premium of 16.5% on the closing price
of the ECO-share of 14 June 2010 and a premium of 34.3% on the 
6-month average weighted share price.
conwert considers the public takeover bid an optimal solution in 
order to efficiently enhance the value of ECO Business-Immobilien AG 
in the interests of all shareholders. Johann Kowar, Chairman of the 
Executive Board of conwert Immobilien Invest SE, comments: "Although 
ECO Business-Immobilien AG manages the operating business well, its 
stock exchange listing is less liquid due to the company´s size and 
difficult capital markets access means the company has limited growth
opportunities. As a result, the share price is significantly below 
the book value of the company and, being the largest single 
shareholder, we are not satisfied with this situation. The public 
takeover offer enables us to materialise these latent values rapidly 
and efficiently in the interests of both the ECO and conwert 
shareholders. Furthermore, for conwert, this transaction is earnings 
and value accretive. ECO shareholders will be offered the unique 
opportunity to realise a short-term value growth through the 
attractive cash offer of EUR 6.50 per share."
Even in the case of a complete takeover of ECO Business-Immobilien 
AG, conwert will maintain its positioning as a residential property 
company. ECO is already managed by conwert - the planned takeover 
will simplify the corporate structure and raise flexibility in order 
to implement measures to increase value. conwert would obtain control
over a property portfolio of roughly EUR 732 million (94% in Austria 
and Germany) with a rental yield of 6.2%. The portfolio partly 
comprises inner-city properties of mixed use, which also meet the 
investment criteria of conwert, as well as office and commercial 
properties. In seeking to maximise value, conwert can choose from a 
series of strategic options and benefits from its asset management 
expertise, a longstanding track record and excellent access to the 
market in trading business.
conwert currently holds a 24.9% stake in ECO Business-Immobilien AG. 
If the takeover offer is fully accepted, the maximum transaction 
volume will amount to roughly EUR 166.5 million. The offer will be 
conditional on the approval by the competent antitrust authorities 
and on accomplishing a minimum acceptance threshold of 50% + 1 share 
of the free float as stipulated by the Takeover Act.
The offer documents, which contain further details and stipulations, 
will be published following the approval by the Austrian Takeover 
Commission, presumably in the week starting on 28 June 2010.
conwert will be supported in the takeover by Barclays Capital as 
financial adviser and financing bank.
end of announcement                               euro adhoc

Further inquiry note:

conwert Immobilien Invest SE
Peter Sidlo, Head of Corporate Communications - Investor Relations
T +43 / 1 / 521 45-250
E sidlo@conwert.at

Metrum Communications GmbH
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 market

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