Adler Real Estate AG / DisposalRelease 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 sells two properties in Munich and Berlin ++++++ Total proceeds of EUR 4.5 million ++++++ Reversals in 2006 impact cash +++Hamburg, 19 April 2007. ADLER Real Estate AG (ISIN: DE0005008007),Frankfurt, announced the sale of two plots in Munich andBerlin with total proceeds of EUR 4.5 million. The two plots of land weresold at the values recognised in the 2006 financial statements. Thus cashgains posted were realised in the context of the reversals.The land located in Munich Dornach is in a largely developed business park.While part of the land had already purchased by an owner-occupier in 2000,the remaining land of over 9,200 m² and development rights forapproximately 10,700 m² was not sold.The second property in the Berlin Hellersdorfer Straße also changed hands.On a plot of conveniently located land with approximately 11,000 m² thereare two empty buildings which require renovation with approximately 5,600m² useable space, divided into 110 residential units.ADLER Real Estate AG is to invest the sales revenues of EUR 4.5 million infuture projects. Confidentiality was agreed on any additional details ofthe sale.The Board of Management For further inquiry please contact:ADLER Real Estate AGNeuer Wall 77D-20354 Hamburgwww.adler-ag.de Phone: ++49 (040) 29 8130-0Fax: ++49 (040) 29 8130-99info@adler-ag.deAbout ADLER Real Estate AGADLER Real Estate AG is dealing in the business fields of projectdevelopment, portfolio management and asset management. The company’s corecompetence is in the realization and marketing of ambitious national andinternational real estate projects. ADLER Real Estate AG emerged from thetradition-rich corporate veil of the Adlerwerke in Frankfurt. Their historygoes back to the 19th century. Today, the majority shareholder of ADLERReal Estate AG is the U.S. Company Mezzanine IX Investors L.P. DGAP 19.04.2007 ---------------------------------------------------------------------- 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.dewww:          www.adler-ag.deISIN:         DE0005008007WKN:          500800Indices:      Listed:       Amtlicher Markt in Berlin-Bremen, Frankfurt (General              Standard), Düsseldorf, München; Freiverkehr in Hamburg End of News                                     DGAP News-Service ---------------------------------------------------------------------------