According to Art.17 of Marktmissbrauchsverordnung (MMVO) a listed company is obliged to publish without undue delay so-called insider information – meaning information which could considerably influence the price of the shares or other securities of the company in case the information became publicly known.

ADLER Real Estate AG: Strategic reorientation

ADLER Real Estate AG / Strategic Company Decision

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.

Strategic reorientation: Withdrawal from the areas of asset and property
management on behalf of third parties and commercial project development as
well as termination in substance of collaboration with AIG Global Real
Estate envisaged. Reduction in staff.

Hamburg, 28 August 2009. The Management Board of ADLER Real Estate AG has
today passed a basic decision to withdraw from the areas of asset and
property management on behalf of third parties and of commercial project
development in order to concentrate on the management of its own portfolio
of properties and its sale. The commercial properties shall be disposed of
project-specifically to investors. The residential properties shall be
divided into small sections as planned and disposed of after site
development and parcelling. The anticipated liquidity improvement shall
enable to make cash flow orientated investments in the currently favorable

In the course of this reorientation the collaboration with AIG Global Real
Estate shall be terminated in substance. The indirect holdings of ADLER
Real Estate AG in altogether 16 objects in Germany, that were acquired
together with AIG Global Real Estate, shall be transferred to AIG Global
Real Estate to a large extent. In addition, the Asset Management and
Property Management Agreements for the aforementioned 16 objects and the
Asset Management Agreement concerning the Airport Center Luxembourg, that
were concluded with a subsidiary of ADLER Real Estate AG, shall be
terminated. Details are currently negotiated with AIG Global Real Estate.

In consequence, there will be a reduction in staff in the ADLER Real Estate
AG group, the extent of which is to be defined.

The approval by the Supervisory Board of ADLER Real Estate AG of this basic
resolution of the Management Board is still pending.

The Management Board

For questions, please contact:

german communications dbk ag

Jörg Bretschneider

Alsterufer 34, 20354 Hamburg

Phone: 040/46 88 33 0, Fax: 040/47 81 80

Language:            German

Emitter:             ADLER Real Estate AG
                     Neuer Wall 77
                     20354 Hamburg
Phone:               +49 (0)40 29 8130-0
Fax:                 +49 (0)40 29 8130-99
ISIN:                DE0005008007
WKN:                 500 800
Stock exchanges:     Regulated Market in Frankfurt (General Standard)
                     Open Market: Xetra, Berlin-Bremen,Düsseldorf, 
                     Hamburg, Munich
28.08.2009  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