ADLER Real Estate AG / MiscellaneousRelease of an Ad hoc announcement according to § 15 WpHG, transmitted byDGAP - 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 constructionproject 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 build334 high-quality apartments. Construction began in November 2008 and isslated for completion in June 2010. The total investment will amount tonearly USD 40 million; ADLER will invest around USD 5 million. ADLERassociates its commitment with the very positive experience of themanagement, which has implemented various housing construction projects inFlorida and in the vicinity of Dallas, Texas in the past.ADLER's partner and the general contractor for the McKinney project is TheWorthing Companies, Atlanta, Georgia, one of the most active real estatecompanies in America's South. In the more than 20 years of its existence,Worthing has successfully realized over 25,000 high-quality residentialunits 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 thewealthiest district of Texas. McKinney has already displayed enormousgrowth. The population doubled in the period from 2000 to 2006. Authoritiesare assuming further strong growth for the city and have already takencomprehensive steps to provide more infrastructure. The investor communitybehind 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 agJoerg BretschneiderAlsterufer 34, 20354 HamburgPhone: +49 (0) 40 / 46 88 33 0, Fax: +49 (0) 40 / 47 81 80presse@german-communications.com19.12.2008  Financial News transmitted by DGAP---------------------------------------------------------------------- Language:     EnglishIssuer:       ADLER Real Estate AG              Neuer Wall 77              20354 Hamburg              DeutschlandPhone:        +49 (0)40 - 29 8130-0Fax:          +49 (0)40 - 29 8130-35E-mail:       info@adler-ag.deInternet:     www.adler-ag.deISIN:         DE0005008007WKN:          500800Listed:       Regulierter Markt in Berlin, Frankfurt (General Standard),              Düsseldorf, München; Freiverkehr in Hamburg End of News                                     DGAP News-Service ---------------------------------------------------------------------------