conwert and Bau-Verein selling 311 residential units in Hamburg

Vienna/Hamburg, 30 June, 2009. GAG Grundstücksverwaltungs AG - a joint venture forged by Austrian company conwert Immobilien Invest SE and Bau-Verein zu Hamburg Aktien-Gesellschaft - has sold a residential estate comprising 311 units in the Langenhorn suburb of Hamburg. The transaction was arranged by alt+kelber Immobiliengruppe. The fully leased property has a total residential area of some 28,000 m². The parties have agreed not to disclose the purchase price.

The project was planned and executed by Bau-Verein from 2006 onwards and completed at the end of 2008. Says Jürgen Kelber, director of conwert Immobilien Invest SE: "Thanks to the appeal of the property, it was possible to achieve full occupancy at average rentals of EUR 8.60 per square metre. This guarantees sustained stable cash flows as well as long-term added value for the buyer."

Adds Hans-Ulrich Sutter, a member of Bau-Verein Group's management board: "The successful project development, leasing and sales activities testify to the operating strength and efficient asset management of Bau-Verein." 

Press inquiries:

Bau-Verein zu Hamburg AG
Head of Investor & Public Relations
Kirsten Schleicher
Tel. +49 (0) 40 380 32 300
Fax +49 (0) 40 380 32 390
pr(at)bau-verein.de

conwert Immobilien Invest SE
Mag. Peter Sidlo
Leiter Konzernkommunikation - Investor Relations
Tel. +43/1/521 45-250
sidlo(at)conwert.at

This press release contains forward-looking estimates and statements made on the basis of all information currently available. The forward-looking statements reflect views as of the date on which they are made. conwert stresses that actual events and, thus, also actual results may vary from the expectations expressed in this document on account of a wide range of different factors.