conwert Immobilien Invest SE: Strategic repositioning completed - CEO for conwert in Q4 2013

Vienna, 24 July 2013 (pta006/24.07.2013/08:40 UTC+2) -

+ As previously announced - conwert plans to strengthen the Executive Board with a CEO in Q4
+ Johannes Meran, Chairman of the Administrative Board: "Following the completion of our strategic repositioning, it is my goal to now strengthen the Executive Board with a CEO to enable me to step away from the day-to-day management of conwert in October 2013."
+ Strategic repositioning concluded
+ Volatile earnings from the purchase and sale of properties replaced by sustainable and transparent earnings from property management

The Austrian ATX-traded conwert Immobilien Invest SE is planning to strengthen its Executive Board with a CEO in the fourth quarter of 2013, as the strategic repositioning has been concluded. A committee consisting of four members from the Administrative Board - Franz Pruckner, Kerstin Gelbmann, Eveline Steinberger-Kern and Alexander Tavakoli - has been charged with coordinating the CEO search.

Johannes Meran, Chairman of conwert's Administrative Board, said: "The Administrative Board's direct management of the Company has proven itself during the course of the strategic reorganisation over the past two years. We will have reached the main milestones by the end of the year and are now looking for a suitable CEO. As I have repeatedly stated in the past I am not available for the CEO position. My aim is to retire from the daily operations of conwert by October 2013."

In the past two years, conwert's strategy has been re-focused and the company's operations strengthened. The core of the new business model consists of the generation of sustainable earnings through the efficient management of a portfolio of high-yielding residential properties. This has meant that conwert has significantly reduced its dependence on volatile, project-related buy/sell trading of properties by consistently restructuring the portfolio in the past two years in line with the new strategy. This has laid the foundations for stable company development and growth. Currently conwert generates approximately 80% of its earnings from the long-term management of portfolio properties. Maintaining and strengthening its geographic focus on Germany remains the core focus of conwert's strategy.

"Against the backdrop of a highly volatile market environment, we have made conwert more robust and more resilient to crises with its repositioning," said Johannes Meran, Chairman of the Administrative Board.

The operating success resulting from the new strategy is now visibly reflected in the Company's key performance figures. During the last two years, the vacancy rate has been reduced by more than 25% from 15.9% to 11.8%, the average yield of the portfolio has increased by approximately 15% from 5.2% to 6.0%, and personnel and other administrative costs were lowered from about EUR 95 million in 2010 to an expected EUR 70 million for 2013. Simultaneously, the net rental income margin was increased from 58.8% to 65.3% (1-3/2013). As part of the portfolio's restructuring, conwert placed its focus on Austria and in particular on higher-yielding residential properties in German metropolitan regions. Additionally, legacy issues were consistently cleaned up, by adjusting property values in CEE and commercial property portfolios accordingly.

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This report contains forward-looking estimates and statements that were made on the basis of the information available at this time. Forward-looking statements reflect the point of view at the time they are made. We would like to point out that the actual circumstances and, consequently, the actual results realised at a later date may differ from the forecasts presented in this report for a variety of reasons.

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Emitter:	conwert Immobilien Invest SE Alserbachstraße 32 1090 Vienna Austria
Contact Person:	Clemens Billek
Phone:	+43 / 1 / 521 45-700
E-Mail:	cwi@conwert.at
Website:	www.conwert.at
ISIN(s):	AT0000697750 (Share)
Stock Exchange(s):	Vienna Stock Exchange (Official Trade)