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Adler Real Estate AG: Agreement on capital increase

Ad hoc announcement transmitted by DGAP – a company of EquityStory AG.The issuer is solely responsible for the content of this announcement.——————————————————————————Hamburg, June 27, 2006 ADLER Real Estate AG (ISIN: DE DE0005008007) agrees to a capital increaseHamburg, June 27, 2006 – The board of ADLER Real Estate AG (Security CodeNumber 500800) decided upon the agreement of the supervisory board toincrease the capital from the authorized capital stock. Thus, the company’sauthorized capital stock shall be increased from its current EUR 10,000,000by up to EUR 5,000,000 to up to EUR 15,000,000 by utilizing the authorizedcapital stock by issuing up to 5,000,000 new non-par shares, registered inthe name of the holder (par value EUR 1.00).The new shares will be entitled to dividends as of January 1, 2005 and canbe obtained for a price of EUR 2.80 per share. The subscription ratio is2:1. Upon the expiration of the subscription period, all shares that werenot subscribed by the shareholders will be offered to institutionalinvestors from the shareholder group in a private placement. Thesubscription right for fractional shares is excluded.There is no trade in subscription rights on the stock exchange.The subscription period is from June 30, 2006 to July 14, 2006 ADLER Real Estate AG will invest the revenues from the capital increase innew projects to further expand their market position. The boardFor further information please contact:GFEI GmbHLars KuhnkeTel.: +49 (0)69-743 037 03Fax: +49 (0)69-743 037 06info@gfei.deDisclaimer:This information is not for publication or distribution in the UnitedStates. The material set forth herein is for informational purposes onlyand is not intended, and should not be construed, as an offer of securitiesfor sale into the United States. The securities of Adler Real Estate AGhave not been and will not be registered under the U.S. Securities Act of1933, as amended (the ‘Securities Act’), or the laws of any State, and maynot be offered or sold within the United States or to or for the benefit ofU.S. persons (as defined in Regulation S of the Securities Act), exceptpursuant to an exemption from, or in a transaction not subject to, theregistration requirements of the Securities Act and applicable State laws.About ADLER Real Estate AG:ADLER Real Estate AG is dealing in the business fields of commercialproject development, portfolio management, asset management, and closedproperty funds. Their specific expertise is in the realization andmarketing of ambitious national and international real estate projects.ADLER Real Estate AG emerged from the tradition-rich corporate veil of theAdlerwerke in Frankfurt. Their history goes back to the 19th century.Today, the majority shareholder of ADLER Real Estate AG is the U.S. realestate investor John D. Heikenfeld.(c)DGAP 27.06.2006 ————————————————————————— 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 —————————————————————————