Public disclosure of inside information according to article 17 MAR
conwert Immobilien Invest SE:
conwert closes acquisition of majority interest in KWG Kommunale Wohnen AG
Vienna, 21 January 2013 (pta030/21.01.2013/16:15) -
Today, the Austrian ATX-traded conwert Immobilien Invest SE closed the acquisition of a majority stake of 60% in Kommunale Wohnen AG (KWG), following the clearance by the competent cartel authorities. The signing of the contract had already taken place on 21 December 2012.
"With this transaction we strengthen our presence in Germany and increase conwert's profitability while at the same time creating the prerequisite necessary to expand our long-term asset management," states Johannes Meran, Chairman of conwert's Administrative Board.
On 4 January 2013, the Company initiated a share buyback programme with a term of three months in order to acquire up to 2.5 million shares for the transaction, which is financed by cash and treasury shares of conwert in roughly equal parts. conwert plans to fully consolidate KWG as of the first quarter of 2013 and expects to realise a "lucky buy" of EUR 25 to 30 million in the process.
With this transaction, conwert expands its portfolio in Germany by approximately 9,700 units with total space of 605,000 sqm. Stavros Efremidis, Spokesman of the Management Board of KWG, will be appointed Executive Director of conwert in February 2013. He will be responsible for the Group's operative development in the core market Germany.
Dicslaimer: This report contains forward-looking estimates and statements that were made on the basis of the information available at this time. Forward-looking statements reflect the point of view at the time they are made. We would like to point out that the actual circumstances and, consequently, the actual results realised at a later date may differ from the forecasts presented in this report for a variety of reasons.
conwert Immobilien Invest SE
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