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ADLER Real Estate AG: ADLER Real Estate AG Participates in Development Project in the U.S.

ADLER Real Estate AG / Miscellaneous

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 Participates in Development Project in the U.S. 

- 30% Share in Construction of 334 New Apartments in McKinney, Texas

- Fastest-Growing City in the U.S.

Hamburg, 19 December 2008. ADLER Real Estate AG (ISIN DE0005008007),
Frankfurt, is participating in a highly promising new housing construction
project in McKinney, Texas, the fastest-growing city in the United States.
ADLER will take a 30% share of the project company. It is planned to build
334 high-quality apartments. Construction began in November 2008 and is
slated for completion in June 2010. The total investment will amount to
nearly USD 40 million; ADLER will invest around USD 5 million. ADLER
associates its commitment with the very positive experience of the
management, which has implemented various housing construction projects in
Florida and in the vicinity of Dallas, Texas in the past.

ADLER's partner and the general contractor for the McKinney project is The
Worthing Companies, Atlanta, Georgia, one of the most active real estate
companies in America's South. In the more than 20 years of its existence,
Worthing has successfully realized over 25,000 high-quality residential
units in a total volume of USD 2.2 billion. The joint project is called
'The Heights at Lake Forest.'

The McKinney project is located nearly 50 km north of Dallas in the
wealthiest district of Texas. McKinney has already displayed enormous
growth. The population doubled in the period from 2000 to 2006. Authorities
are assuming further strong growth for the city and have already taken
comprehensive steps to provide more infrastructure. The investor community
behind the housing project is pursuing the goal of building, leasing,
operating and then finally selling the apartments in the medium term.

The Management Board 

If you may have any request please refer as follows:

german communications dbk ag

Joerg Bretschneider

Alsterufer 34, 20354 Hamburg

Phone: +49 (0) 40 / 46 88 33 0, Fax: +49 (0) 40 / 47 81 80
19.12.2008  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