euro adhoc: Vivacon AG / other / VIVACON AG sells 886 apartments to conwert Immobilien Invest AG (E)

Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement.

Cologne/Berlin, December 22nd 2004.
As the single largest sale in its history, VIVACON AG (ISIN DE0006048911) has today sold a portfolio of 886 apartments through its subsidiary GERMAN REAL ESTATE OPPORTUNITIES GmbH & Co. KG to Austrian conwert Immobilien Invest AG (ISIN AT0000697750). These residential units are part of the GSW property portfolio acquired on October 8th from Cerberus/Whitehall located in Berlin/Schöneberg on Grazer Damm.

These apartments have a total floor area of c. 56,000 sqm on a property of c. 70,000 sqm and consist of four blocks with enclosed courtyards. The total transaction volume reaches c. EUR 38.6 m including modernization and renovation. Lehman Brothers Europe Ltd. is providing the senior loan financing for this transaction.

This sale marks the successful entry of VIVACON group into the business with institutional real estate investors and the beginning of a partnership with conwert Immobilien Invest AG in the privatisation of residential properties in the German real estate market. In this capacity, VIVACON will provide encompassing services ranging from the modernisation to the marketing of the individual units on behalf of the conwert group.

Under the same terms, a further 637 apartments from the same Grazer Damm porfolio are currently being marketed via ‚DWF1 - Deutscher Wohnungsprivatisierungsfonds 1’ (German Residential Privatisation Fund No. 1) to private and institutional Investors.

In the gradual privatization process, individual apartments will primarily be offered to the current tenants, owner occupants and private real estate investors under ground lease terms.

Contact for further information:

VIVACON AG
Manager Investor Relations
Lars Schriewer
Bayenthalgürtel 4
50968 Köln

Tel: + 49-221-93 761 26
Fax: + 49-221-93 761 135
ir@vivacon.de
http://www.vivacon.de

Further inquiry note:
Lars Schriewer
Tel.: +49 (0) 221 93761 26
E-Mail: lars.schriewer@vivacon.de

emitter: Vivacon AG Bayenthalgürtel 4 D-50968 Köln phone: +49(0)221 93761 0 FAX: +49(0)221 93761 11 mail: ir@vivacon.de WWW: www.vivacon.de ISIN: DE0006048911

end of announcement euro adhoc

indexes:
stockmarkets:

sector: Real Estate language: English

OTS-ORIGINALTEXT UNTER AUSSCHLIESSLICHER INHALTLICHER VERANTWORTUNG DES AUSSENDERS | OTB0008