EANS-Adhoc: conwert Immobilien Invest SE / voluntary public takeover offer for ECO Business-Immobilien AG

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15.06.2010

conwert: voluntary public takeover offer for ECO Business-Immobilien AG

+ conwert Immobilien Invest SE announces voluntary public takeover offer for ECO
Business-Immobilien AG
+ Offer price of EUR 6.50 per share exceeds 6-month average price by 34.3%
+ Minimum acceptance threshold amounts to 50% + 1 share of free float
+ Takeover enables rapid and efficient enhancement of latent value in the
interests of ECO and conwert shareholders

Vienna, 15.06.2010. conwert Immobilien Invest SE, listed on the Vienna Stock
Exchange, announces that it will submit a voluntary public takeover bid to all
the other shareholders of ECO Business-Immobilien AG. The offer price will
amount to EUR 6.50 in cash. conwert will thus offer a premium of 16.5% on the
closing price of the ECO-share of 14 June 2010 and a premium of 34.3% on the
6-month average weighted share price.

conwert considers the public takeover bid an optimal solution in order to
efficiently enhance the value of ECO Business-Immobilien AG in the interests of
all shareholders. Johann Kowar, Chairman of the Executive Board of conwert
Immobilien Invest SE, comments: "Although ECO Business-Immobilien AG manages the
operating business well, its stock exchange listing is less liquid due to the
company´s size and difficult capital markets access means the company has
limited growth opportunities. As a result, the share price is significantly
below the book value of the company and, being the largest single shareholder,
we are not satisfied with this situation. The public takeover offer enables us
to materialise these latent values rapidly and efficiently in the interests of
both the ECO and conwert shareholders. Furthermore, for conwert, this
transaction is earnings and value accretive. ECO shareholders will be offered
the unique opportunity to realise a short-term value growth through the
attractive cash offer of EUR 6.50 per share."

Even in the case of a complete takeover of ECO Business-Immobilien AG, conwert
will maintain its positioning as a residential property company. ECO is already
managed by conwert - the planned takeover will simplify the corporate structure
and raise flexibility in order to implement measures to increase value. conwert
would obtain control over a property portfolio of roughly EUR 732 million (94%
in Austria and Germany) with a rental yield of 6.2%. The portfolio partly
comprises inner-city properties of mixed use, which also meet the investment
criteria of conwert, as well as office and commercial properties. In seeking to
maximise value, conwert can choose from a series of strategic options and
benefits from its asset management expertise, a longstanding track record and
excellent access to the market in trading business.

conwert currently holds a 24.9% stake in ECO Business-Immobilien AG. If the
takeover offer is fully accepted, the maximum transaction volume will amount to
roughly EUR 166.5 million. The offer will be conditional on the approval by the
competent antitrust authorities and on accomplishing a minimum acceptance
threshold of 50% + 1 share of the free float as stipulated by the Takeover Act.

The offer documents, which contain further details and stipulations, will be
published following the approval by the Austrian Takeover Commission, presumably
in the week starting on 28 June 2010.

conwert will be supported in the takeover by Barclays Capital as financial
adviser and financing bank.

Further inquiry note:
conwert Immobilien Invest SE
Peter Sidlo, Head of Corporate Communications - Investor Relations
T +43 / 1 / 521 45-250
E [email protected]

Metrum Communications GmbH
Roland Mayrl
T +43 / 1 / 504 69 87-331
E [email protected]
end of announcement euro adhoc
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issuer:   conwert Immobilien Invest SE
          Albertgasse 35
          A-1080 Wien
phone:    52145-0
FAX:      52145-111
mail:     [email protected]
WWW:      http://www.conwert.at
sector:   Real Estate

ISIN: AT0000697750
indexes: WBI
stockmarkets: official market: Wien
language: English

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