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.

end of announcement euro adhoc
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ots Originaltext: conwert Immobilien Invest SE
Im Internet recherchierbar: http://www.presseportal.de

Further inquiry note:

conwert Immobilien Invest SE

Peter Sidlo, Head of Corporate Communications - Investor Relations

T +43 / 1 / 521 45-250

E sidlo@conwert.at

Metrum Communications GmbH

Roland Mayrl

T +43 / 1 / 504 69 87-331

E r.mayrl@metrum.at

Branche: Real Estate
ISIN: AT0000697750
WKN: 069775
Index: WBI
Börsen: Wien / official market