euro adhoc: conwert Immobilien Invest AG / other / conwert and ECO consortium acquires Allianz properties

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Disclosure announcement transmitted by euro adhoc.
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28.06.2006

conwert and ECO consortium acquires Allianz properties

+ Successful conclusion to one of the largest property deals in Austria
+ conwert and ECO are expanding their portfolio with prime properties
+ Joint portfolio with Pirelli RE / P & K Real Estate

Vienna, 28th June 2006. The consortium of the two listed property
companies conwert Immobilien Invest AG and ECO Business-Immobilien AG
(50:50 joint venture) has acquired the entire Austrian property
portfolio of the Allianz Austria Group. Thus, conwert and ECO have
made one of the largest purchases of a property package in the
history of Austrian real estate. The newly acquired property
portfolio comprises a total of 106 properties with a total usable
space of around 215,000 sqm. The total volume of the transaction
totals slightly over EUR 450m.

Around half of the property assets will be held by conwert and ECO on
a long-term basis. The remaining 50% were acquired through an
acquisition and trading holding company. In addition to conwert and
ECO, Pirelli RE, one of Europe's largest property companies also has
an interest of one third through its German subsidiary P & K Real
Estate.

From the Allianz portfolio, conwert is taking 24 properties with
total a usable space of 69,000 sqm. The majority of the properties
are used for residential purposes and are located in Vienna,
including a large number of representative older properties in the
centre of Vienna, such as on Kärntner Ring or in Bösendorfer Strasse.

In terms of location, ECO is taking on four outstanding properties.
The properties are almost exclusively used for office and commercial
purposes and have a total usable space of 25,000 sqm. These include
such prominent addresses as Opernringhof vis-à-vis the State Opera
House in Vienna or high quality office buildings in the centre of
Vienna.

The joint portfolio, in which some of the newly acquired properties
may be sold again, comprises a total of 78 properties. In addition to
conwert and ECO (which each have an interest of 33.33%), P & K Real
Estate, a subsidiary of Pirelli RE (90%) and Kronberg International
(10%), also has a 33.33% investment in the joint portfolio. The total
usable space of the joint portfolio amounts to around 121,000 sqm.
Approximately half of the properties are located in Vienna, the
others can mostly be found at top locations in Austrian state
capitals. 31 properties (39,000 sqm) are mostly used for residential
purposes, 47 of them are used as office and commercial spaces (82,000
sqm).

conwert and ECO will systematically continue their growth path in
future as well. Following the successful conclusion of the Allianz
deal, conwert primarily plans to focus on advancing the development
of its international property portfolio. Steps in this expansion may
also be implemented together with an internationally strong partner
such as Pirelli RE in order to profit from its international presence
and to combine it with conwert's own residential property expertise.

ECO's acquisition pipeline is also well stocked with several
projects: In total, the company has investment capital of more than
EUR 200m - the property portfolio can therefore be expanded to
include further attractive properties and thereby can be increased to
around EUR 750m in the course of the next quarter.

end of announcement euro adhoc 28.06.2006 10:09:24
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ots Originaltext: conwert Immobilien Invest AG
Im Internet recherchierbar: http://www.presseportal.de

Further inquiry note:
conwert Immobilien Invest AG,
Johann Kowar, Member of the Management Board,
T +43 / 1 / 521 45-200,
E kowar@conwert.at,

ECO Business-Immobilien AG,
Friedrich Scheck, Chairman of the Management Board,
T +43 / 1 / 535 21 99-11,
E scheck@eco-immo.at,

Hochegger|Financials,
Roland Mayrl,
T +43 / 1 / 504 69 87-31,
E r.mayrl@hochegger.com,

Branche: Real Estate
ISIN: AT0000697750
WKN: 069775
Index: WBI
Börsen: Wiener Börse AG / official dealing