Conwert posts record growth in 2007

Vienna-listed Conwert Immobilien Invest posted record levels for all company indicators in the 2007 financial year. The company’s property assets increased
40% to EUR 2.35 bn while revenues rose 37% to EUR 363.11 mln. Rental income growth was a strong driver, accounting for a 38% rise and revenue of EUR 109.49 mln. Based on the divisions primarily keyed to letting the unchanged property portfolio showed like-for-like rental growth of 10% on 2006 figures.

At the end of the financial year the company’s property portfolio comprised 1,590 properties with 23,283 rental units and 6,832 parking spaces compared to 981
properties with 15,376 rental units and 4,298 parking spaces at the end of the previous financial year.

Conwert’s future growth strategy revolves around expanding its property portfolio in Austria, Germany and selected CEE countries through acquisitions and increasing value through modernisation and development. The company has sufficient funds to finance its expansion strategy. It plans to boost the portfolio to EUR 2.5 - 2.6 bn in 2008 and property services by 10 - 15%. Conwert’s shares showed a 12% rise in NAV over the 12-month period.