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VIENNA-Locally-based listed apartment housing developer and investor conwert Immobilien is to commence the third part of its share buyback program authorized at the shareholder meeting in May 2009, and from mid-December to end June next year will acquire its own stock at a price between €1 and €10.

The group said it has already acquired 4.3 million common shares or just under 5% of the issued capital in two previous share buyback programs in 2008/9 and the latest action targets up to 5.001% of issued capital.

It said the administrative board adopted a further share buyback program, “because the current share price is roughly 45% below the company’s net asset value and provides a good opportunity to buy own shares to use them, among other things, for later acquisitions.”

Allan Saundersonis a managing editor of Property Finance Europe and a contributor to GlobeSt.com.

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