conwert Immobilien Invest SE: conwert acquires majority stake in

Vienna, 21 December 2012 (pta007/21.12.2012/09:50 UTC+1) -
+ Acquisition of approx. 60% stake in German residential property
company with 9,700 units
+ Purchase price of approx. 620 EUR / sqm
+ KWG Board member Stavros Efremidis becomes Executive Director with responsibility for business in Germany
+ Consistent strengthening of the strategic orientation as portfolio holder of German residential properties - conwert's German portfolio grows by roughly 66% to approx. 24,500 units
+ Share repurchasing programme for the acquisition of up to 2.5 million shares for financing of transactions starts at the beginning of the year 2013

Vienna, 21 December 2012. The Austrian ATX-traded conwert Immobilien Invest SE acquires a majority stake of approx. 60% in the Hamburg-based company Kommunale Wohnen AG (KWG), which is listed on the Entry Standard of the Frankfurt Stock Exchange. The parties agreed not to disclose the purchase price. The stake is acquired at an implied purchase price of 620 EUR / sqm. The transaction will be financed by roughly equal parts of cash and treasury shares (13.94 EUR per share implied transaction value of treasury shares) of conwert. Part of the purchase price is dependent on achieving certain key figures at KWG. Moreover, the seller has the right to acquire another 1 million conwert shares at a price 10.00 EUR per share within three years of the conclusion of the transaction. conwert will initiate another share buyback programme in the near future in order to be able to serve this option in case it is exercised in the next three years. Through the share buyback programme conwert will repurchase up to 2.5 million conwert shares over the stock exchange and off exchange by the end of March 2013 (further information on this topic in the conwert release on the start of the seventh share repurchase programme of today and the website www.conwert.at).

Stavros Efremidis, Spokesman of the Management Board of KWG, shall be appointed to the Executive Board of conwert following the completion of the transaction in February 2013. As an Executive Director of conwert, Stavros Efremidis will be responsible for the operating business in the core market Germany in the future. He has 20 years' experience in executive positions in the German property industry.

Significant expansion of the portfolio in Germany
After strong growth and taking into account the portfolio acquisition of 2,908 units in Berlin in North Rhine-Westphalia announced on 20 December, KWG currently manages some 9,700 units in Germany with a total area of 605,000 sqm. Through this purchase, conwert expands its current portfolio in Germany by roughly 66% to nearly 24,500 units. The KWG portfolio, which consists of high-yield residential properties, has a predominant focus on North Rhine-Westphalia, Berlin, Saxony, Lower Saxony and Thuringia. KWG expects the annual net cold rent for 2013 to amount to 32 million EUR, after the 19.5 million EUR planned for 2012. conwert expects significant synergy potential from the transaction and a substantial increase in the profitability of the overall portfolio. conwert will present the expected additional synergy effects in detail already in the first quarter.

The completion of the transaction is expected after the approval of the competent cartel authorities by the end of January 2013. After the closing of the transaction, conwert expects to fully consolidate KWG as of the first quarter of 2013.

The Board has prepared a report on the contemplated issuance of treasury shares which shall neither be effected via the stock exchange or by means of a public offer and which shall exclude subscription rights of shareholders on 21 December 2012. The report may be inspected by shareholders at the seat of the Company.

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Emitter:	conwert Immobilien Invest SE Alserbachstraße 32 1090 Wien Austria
Contact Person:	Dr. Clemens Billek
Phone:	+43 / 1 / 521 45-700
E-Mail:	cwi@conwert.at
Website:	www.conwert.at
ISIN(s):	AT0000697750 (Share)
Stock Exchange(s):	Vienna Stock Exchange (Official Trade)