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.----------------------------------------------------------------------Münchener Baugesellschaft invests in Bavaria  - Adler Subsidiary acquires an approx. 28,000-sqm-sized plot of land  - Development to prepare for building work, parcelling and sale    planned Hamburg, 23 October 2007. ADLER Real Estate AG,Frankfurt, is continuing toexpand its residential property development business via its subsidiaryMünchener Baugesellschaft mbH, Hamburg. The subsidiary has acquired anattractive, ca. 28,000-sqm-sized plot in Moosburg on the river Isar in theFreising district. The investment volume amounts to ca. 8 million EUR. TheMünchener Baugesellschaft will prepare the plot for building work, developit and then parcel it out. The entire 57 parcels created in this mannerwill be able to be built on with semidetached houses and single-familyhouses. The intention is to sell the plots which are ready for building toprivate building owners who wish to erect or have their residential realestate built upon the parcels. At the same time, a business managementcontract for this project has been signed with THG Real Estate in Munich.The 'Am Mühlbachbogen Nord' plot in the southern area of the city ofMoosburg is located in the attractive growth region near the Munich Airportand the Bavarian state capital city itself – a popular location,particularly for young families with children. The development of the areawill take approx. eight months. At present, the Münchener Baugesellschaftis already developing three residential building projects in Dallgow and inGroßbeeren, respectively near Berlin and in Alt-Trachau in Dresden.'The demand for building plots in the region is very high because the realestate prices in the area are still reasonable for many interested partiesin comparison with the Munich city area itself', says Dr. Ralph-RenéLucius, Managing Director of the Münchener Baugesellschaft, 'we are thusassuming that there will be very good demand for our fully developedparcels.'About ADLER Real Estate AG: ADLER Real Estate AG is active as a real estatecompany in the business fields of asset management, portfolio propertiesand project development The core competence of the company consists in therealisation and marketing of challenging national and international realestate projects. For large projects, ADLER Real Estate AG enters intotargeted strategic partnerships.ADLER Real Estate AG was created from theFrankfurt Adler Factories with a rich tradition, the history of whichextends back into the 19th century. Today, the majority ownership of ADLERReal Estate AG is held by the U.S. real estate investor Mezzanine IX.For inquiries, please contact:german communications dbk agJörg BretschneiderAlsterufer 34, 20354 HamburgTel.: 040/46 88 33 0, Fax: 040/47 81 80presse@german-communications.com 23.10.2007  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:       Amtlicher Markt in Berlin, Frankfurt (General Standard),              Düsseldorf, München; Freiverkehr in Hamburg End of News                                     DGAP News-Service ---------------------------------------------------------------------------