conwert acquires majority stake in Hamburg based KWG   

The Austrian ATX-traded conwert Immobilien Invest SE acquires a majority stake of approx. 60% in the Hamburg-based company Kommunale Wohnen AG (KWG), which is listed on the Entry Standard of the Frankfurt Stock Exchange. The parties agreed not to disclose the purchase price. The stake is acquired at an implied purchase price of 620 euros / sqm. The transaction will be financed by roughly equal parts of cash and treasury shares (13.94 EUR per share implied transaction value of treasury shares) of conwert, the company said. Part of the purchase price is dependent on achieving certain key figures at KWG. Moreover, the seller has the right to acquire another 1 million conwert shares at a price 10.00 EUR per share within three years of the conclusion of the transaction. conwert will initiate another share buyback programme in the near future in order to be able to serve this option in case it is exercised in the next three years. Through the share buyback programme conwert will repurchase up to 2.5 million conwert shares over the stock exchange and off exchange by the end of March 2013 .