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ADLER Real Estate AG: ADLER Real Estate AG Expects Positive Overall Result

ADLER Real Estate AG / Half Year Results

Release of an Ad hoc announcement according to § 15 WpHG, transmitted by
DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.

ADLER Real Estate AG Expects Positive Overall Result 

- Semi-Annual Result Does Not Yet Reflect Successful Transactions 

Hamburg, 14 August 2008. ADLER Real Estate AG (ISIN DE0005008007),
Frankfurt, managed to continue work on its real estate projects
consistently and successfully in the first six months of 2008. In Asset
Management, ADLER succeeded in optimizing the earnings from the properties
acquired last year through new leases and extensions of lease contracts in
portfolio. The successes experienced in Project Development were not yet
reflected in the income statement for the first six months of the year. As
of the end of June 2008, revenue therefore reached a scale of only EUR 0.57
million (previous year: EUR 4.12 million). Earnings resulted from asset and
property management and rent income. Other operating income was EUR 0.114
million (previous year: EUR 9.20 million). No comparison with the first
half of the previous year is possible due to the extraordinary transaction
involving MÜBAU Real Estate GmbH. As a result of current expenses, there
was a negative operating result of EUR 1.576 million (previous year: +EUR
7.70 million) and a consolidated loss of EUR 1.376 million (previous year:
consolidated profit of EUR 7.60 million).

Formed last year, the subsidiary Münchener Baugesellschaft mbH has
performed successfully, making progress in various projects. The
development work on the properties in Moosburg is already halfway
completed. The first sales managed to be realized in August. In Dallgow and
Großbeeren, the sales contracts for the first properties will be closed
this year after a reorientation of the distribution channels.

Substantial progress was made in development projects in the reporting
period, some projects yielding optimal results. Acquired only about a year
ago, the logistics center development project in Duisburg was sold in July
of this year. The transaction will render a positive earnings contribution
and have a clearly positive effect on ADLER's overall result in the course
of the year.

The Management Board 

For inquiries, please contact:

german communications dbk ag

Jörg Bretschneider

Alsterufer 34, 20354 Hamburg

Phone: +49 40/46 88 33 0, Fax: +49 40/47 81 80 
14.08.2008  Financial News transmitted by DGAP
Language:     English
Issuer:       ADLER Real Estate AG
              Neuer Wall 77
              20354 Hamburg
Phone:        +49 (0)40 - 29 8130-0
Fax:          +49 (0)40 - 29 8130-35
ISIN:         DE0005008007
WKN:          500800
Listed:       Regulierter Markt in Berlin, Frankfurt (General Standard),
              Düsseldorf, München; Freiverkehr in Hamburg
End of News                                     DGAP News-Service