Conwert buys majority of Hamburg property firm KWG

VIENNA Fri Dec 21, 2012 4:19am EST

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VIENNA (Reuters) - Austrian real estate group Conwert Immobilien (CONW.VI) has bought 60 percent of German residential property company Kommunale Wohnen AG (BIWG.DE), it said on Friday.

The parties did not disclose financial details, but said the deal implied a purchase price of 620 euros ($820) per square meter and would be financed by roughly equal parts of cash and treasury shares.

($1 = 0.7555 euros)

(Reporting by Georgina Prodhan; Editing by Hans-Juergen Peters)

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