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.

• Cooperation with RESAG Immobilienmakler GmbH will be reduced • Cost savings potential of between EUR 1.5 - 2.5 million • Service agreements with a value of EUR 700.000 annually with Wiener Privatbank cancelled

Vienna, 23 September 2011. The Austrian ATX-traded conwert Immobilien Invest SE will internalise its sales activities, which have so far been managed by RESAG Immobilienmakler GmbH in Austria, and will establish its own sales team in Austria. A corresponding decision was adopted by the Executive Board of conwert. Jürgen Kelber, member of the Executive Board, who also manages the sales activities in Germany, will continue to hold overall responsibility for the sales activities of conwert. Andreas Bäcker will manage the sales activities in Austria on an interim basis.

As a consequence, the cooperation with RESAG Immobilienmakler GmbH will be consistently reduced in the coming months. To date, conwert has already withdrawn properties totalling more than EUR 350 million from the sales portfolio of RESAG.

conwert creates full transparency in its sales activities by this internalisation, which also enables conwert to realise a savings potential amounting to between EUR 1.5 and 2.5 million annually.

51% of RESAG Immobilienmakler GmbH are held by Wiener Privatbank SE; the remaining 49% are owned by conwert Immobilien Invest SE.

Furthermore, in the course of the ongoing review of existing contracts with third parties conwert has cancelled service contracts with Wiener Privatbank worth another EUR 700,000 annually.

end of announcement   euro adhoc

 issuer:      conwert Immobilien Invest SE
             Albertgasse 35
             A-1080 Wien
phone:       52145-0
FAX:         52145-111
mail:        cw@conwert.at
WWW:         http://www.conwert.at
sector:      Real Estate
ISIN:        AT0000697750
indexes:     WBI, ATX
stockmarkets: official market: Wien 
language:    English

---

---

---

---