DGAP-PVR: Adler Real Estate AG: Release according to

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

20.02.2008

Release of a Voting Rights announcement
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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 February 8, 2008:

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 February 7, 2008 our voting interest in Adler
Real Estate AG, Neuer Wall, 20354 Hamburg, Germany (the 'Issuer'), exceeded
the treshold of 5% and amounts to 5.31% (corresponding to 795,892 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
February 7, 2008 our voting interest in Adler Real Estate AG, Neuer Wall
77, 20354 Hamburg, Germany, exceeded the threshold of 5% and amounts to
5.31% (corresponding to 795,892 voting rights of the Issuer) on this day.

5.31% of the voting rights (corresponding to 795,892 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:

5.31% of the voting rights (corresponding to 795,892 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

DGAP 20.02.2008
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Language: English
Issuer: Adler Real Estate AG
Neuer Wall 77
20354 Hamburg
Deutschland
Internet: www.adler-ag.de
End of News DGAP News-Service
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DGAP-PVR: 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