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Conwert refocuses to fully integrated real estate offerings
Real estate news By Thomson Financial
10.01.07, 7:08 AM ET
VIENNA (Thomson Financial) - Austria's conwert Immobilien Invest AG said that it intends to expand its focus beyond real estate investments to also include property management and other real estate services. In a press release, conwert said it will pay around 216 mln eur to acquire 25 management companies and service providers in Europe's real estate sector, including the management companies of ECO Business Immobilien AG and the Wiener Privatbank Immobilieninvest AG.
Conwert said that the sellers of these 25 companies, with the exception of the Wiener Privatbank, intend to reinvest their post-tax net proceeds into conwert shares and expect to make an offer to conwert's shareholders for around 10 pct of the company at 15 eur per share.
Conwert said that it intends to start paying dividends to its shareholders in the future, but will retain sufficient acquisition capacity to develop and realize its investment pipeline. An extraordinary shareholders meeting on October 25 will address conwert's new strategic positioning and decide on its legal transformation into a Societas Europaea, the company said in a press release.
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