§ 33 of the German Securities Trading Act (WphG) constitutes the following: „If through acquisition or disposition or otherwise someone reaches, surpasses or falls below a threshold of 3%, 5%, 10%, 15%, 20%, 25%, 30%, 50%, or 75% of voting rights in a quoted company, of which Germany ist he country of origin a notification has to be made without delay to the company and the Bundesanstalt.”
As for warrants of deposit which constitute a substitute to shares, the holder of the warrants is obliged to make the notification.“

Adler Real Estate AG: Release according to Article 26, Section 1 of the WpHG [the German Securities Trading Act] with the objective of Europe-wide distribution

Adler Real Estate AG / Release of an announcement according to Article 21, Section 1 of the WpHG [the German Securities Trading Act] (share)

Release of a Voting Rights announcement, transmitted by DGAP - a company of
EquityStory AG.
The issuer is solely responsible for the content of this announcement.
----------------------------------------------------------------------


The following notifications of voting rights ('Stimmrechtsmitteilung') in
our company Adler Real Estate AG according to Sec. 21, 22 WpHG were sent to
us on December 6, 2007:


Third Avenue Real Estate Opportunities Fund, L.P., New York, NY 10017, USA:

We hereby give notice, pursuant to sec. 21 para. 1 of the German Securities
Trading Act ('WpHG'), that on November 14, 2007 our voting interest in
Adler Real Estate AG, Neuer Wall 77, 20354 Hamburg, Germany (the 'Issuer'),
exceeded the threshold of 3% and amounts to 3,46% (corresponding to 518,592
voting rights of the Issuer) on this day.

W. James Hall
on behalf of Third Avenue Real Estate Opportunities Fund, L.P.


Third Avenue Management LLC, New York, NY 10017, USA:

We hereby give notice, pursuant to sec. 21 para. 1 of the WpHG, that on
November 14, 2007 our voting interest in Adler Real Estate AG, Neuer Wall
77, 20354 Hamburg, Germany, exceeded the threshold of 3% and amounts to
3,46% (corresponding to 518,592 voting rights of the Issuer) on this day.

3,46% of the voting rights (corresponding to 518,592 voting rights) are
attributable to us in accordance with sec. 22 para. 1 sent. 1 no. 1 and
sec. 22 para. 1 sent. 1 no. 6 of the WpHG. Voting rights are attributed to
us through Third Avenue Real Estate Opportunities Management LLC and Third
Avenue Real Estate Opportunities Fund, L.P. as controlled undertakings and
by Third Avenue Real Estate Opportunities Fund, L.P. which holds directly
3% or more of the voting rights.

W. James Hall
on behalf of Third Avenue Management LLC


Third Avenue Real Estate Opportunities Management LLC, New York, NY 10017,
USA:

We hereby give notice, pursuant to sec. 21 para. 1 of the WpHG, that on
November 14, 2007 our voting interest in Adler Real Estate AG, Neuer Wall
77, 20354 Hamburg, Germany, exceeded the threshold of 3% and amounts to
3,46% (corresponding to 518,592 voting rights of the Issuer) on this day.

3,46% of the voting rights (corresponding to 518,592 voting rights) are
attributable to us in accordance with sec. 22 para. 1 sent. 1 no. 1 of the
WpHG. The chain of controlled undertakings through which the voting rights
are held is: Third Avenue Real Estate Opportunities Fund, L.P.

W. James Hall
on behalf of Third Avenue Real Estate Opportunities Management LLC 

07.12.2007  Financial News transmitted by DGAP
----------------------------------------------------------------------
 
Language:     English
Issuer:       Adler Real Estate AG
              Neuer Wall 77
              20354 Hamburg
              Deutschland
Internet:     www.adler-ag.de
 
End of News                                     DGAP News-Service
 
---------------------------------------------------------------------------