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Deutsche Wohnen AG announces voluntary public tender offer for conwert Immobilien Invest SE - Seite 2

well as other members of the Ehlerding family plan to tender the entirety
of their shares including options amounting to 6.6 percent of the
outstanding share capital (thereof 1.2 percent in the grace period).

Deutsche Wohnen intends to take over strategic leadership of Conwert
through the offer announced today and thereby targets reaching a majority
stake. Accordingly, the offer is conditional upon a minimum acceptance
threshold of 50 percent + 1 share of all outstanding shares.

Michael Zahn, CEO of Deutsche Wohnen, commented: "After difficult years,
Conwert is facing major challenges. We want to be a strong partner and
reorganize the company financially and operationally. We are making a fair
offer to the shareholders and are pleased to have two biggest shareholders
tender their shares into the cash offer."

Transaction emphasizes Deutsche Wohnen portfolio and acquisition strategy

Deutsche Wohnen has a portfolio strategy which is focused on German urban
centers and metropolitan areas - so-called Core+ and Core regions. It
currently owns approximately 149,000 residential and commercial units,
primarily in Berlin, the Rhine-Main area, the Rhineland, Dresden and
Hanover. The Deutsche Wohnen real-estate portfolio has an average vacancy
rate of 2.4 percent. Thus, the company is one of the most efficient and
operationally strongest in the German residential real estate market.

Approximately 25,000 residential units or about 90 percent of Conwert's
residential portfolio are located in Germany. About half of the residential
holdings are located in the Core+ and Core regions of Berlin, Potsdam,
Dresden, Vienna and Leipzig. The Conwert portfolio shows a good fit with
the strategy of Deutsche Wohnen. The intention to integrate the management
of Conwert's properties will allow Deutsche Wohnen to further expand their
managed holdings in attractive metropolitan regions and to also diversify
its portfolio.

After the successful completion of the transaction, Deutsche Wohnen intends
to undertake a further review of Conwert's property portfolio, which may
lead to a sale of non-core holdings over the short to medium term.

Simultaneously with the tender offer to the holders of Conwert shares,
Deutsche Wohnen intends to issue an anticipatory mandatory offer for all
outstanding ECO Business-Immobilien AG ("ECO") shares of which Conwert is
not the holder. Deutsche Wohnen intends to pay a cash offer price of
EUR6.35 per ECO share. Currently, Conwert holds approximately 95.8 percent