conwert Immobilien Invest AG

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

@@start.t1@@--------------------------------------------------------------------------------   Disclosure announcement transmitted by euro adhoc. The issuer is responsible   for the content of this announcement. --------------------------------------------------------------------------------@@end@@


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.

@@start.t2@@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.@@end@@

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.

@@start.t3@@end of announcement                                                 euro adhoc 16.03.2007 17:25:00

ots Originaltext: conwert Immobilien Invest AG
Im Internet recherchierbar:

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

Roland Mayrl,
T +43 / 1 / 504 69 87-31,

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

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