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ADLER Real Estate AG: ADLER Real Estate AG Reports Slight Growth in Sales

ADLER Real Estate AG / Interim Report

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 Reports Slight Growth in Sales

  - Write-downs increase size of net loss;

  - Insolvency plan procedure for DB Immobilien GmbH.

Hamburg, 15 May 2009. Due to the very weak economy in the first quarter of
2009, the sales growth reported by ADLER Real Estate AG (ISIN
DE0005008007), Frankfurt, was not enough to keep the company in the black.
Although consolidated net sales rose to TEUR 630 in the first quarter of
2009 (up from TEUR 280 in the first quarter of last year), the company
posted a consolidated net loss of EUR 1.147 million (compared to a loss of
TEUR 732 in the first quarter of 2008). The sales growth was attributable
to the sale of residential properties by ADLER subsidiary Münchener
Baugesellschaft. The increase in the size of the company's net loss was
largely due to a write-down on its minority interest in DB Immobilien GmbH,
which has been forced to file for bankruptcy due to the nearly complete
collapse of its brokerage business for commercial real estate.

Nevertheless, DBI is seeking an insolvency plan procedure with a view
towards remaining in business following a necessary restructuring process.
Any marketing activities by DB Immobilien GmbH for Münchener
Baugesellschaft which are already underway will continue unchanged. ADLER
also continued to work on various projects during the reporting period.
Some development plan procedures are already in their final stage, so that
a number of transactions could be completed this year. As a result, ADLER
Real Estate AG should be able to report positive net earnings in 2009.

The Management Board

If you have any questions, please contact:

german communications dbk ag
Jörg Bretschneider
Alsterufer 34, 20354 Hamburg
Phone: 040/46 88 33 0, Fax: 040/47 81 80
15.05.2009  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