conwert Immobilien Invest AG joins Budapests residential real estate market (AT)

conwert Immobilien Invest AG (Vienna Stock Exchange: CWI, Reuters: CONW.VI, Bloomberg: CWI AV) has fully acquired the Hungarian real-estate company Immo-Rohr Kft./Budapest and now joins the Hungarian residential real estate market. Up to now, conwert's activities focused on the residential real estate markets in Austria, the Czech Republic and Germany. "The acquisition of our new Hungarian subsidiary now gives us a bridgehead in Budapest for the further expansion of our core business residential properties," said Günter Kerbler, Member of the conwert Management Board.

Immo-Rohr's main fields of business are the development and sale of freehold flats in Budapest. Immo-Rohr has been successful on the market for new residential development projects since 1992. Since 2001 alone, as many as 500 high-class residential units with up to 130 sqm of living space each have been erected and sold under the brand name Bokréta buildings. Right now, another four residential development projects with around 500 units and 375 parking spaces in first-class areas of Budapest are under construction and will be completed by early 2008. In its existing business field new residential development and sale, conwert is planning the erection of annually around 300- 400 residential units over the coming years. Previous Manager Attila Csák is essentially involved in the local management company and currently has 17 employees. Addressed target groups for these objects are mainly young families. Several plots of land and objects in this field of business are currently in the process of being acquired. "As an additional business segment, conwert is planning to develop and let highquality flats in old buildings," explains Johann Kowar, Member of the conwert Management Board. Thanks to an attractive stock of old buildings and a wellfunded middle class, Budapest offers a substantial development potential for the coming years. conwert, however, will remain true to its principle, only to realise foreign investments in cooperation with a single locally positioned partner.

Source: conwert

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