DGAP-Adhoc: ADLER Real Estate AG: Management Board of ADLER Real Estate Aktiengesellschaft determines exchange ratio for the present exchange offer to shareholders of ESTAVIS AG

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| Source: EQS Group AG
ADLER Real Estate AG  / Key word(s): Miscellaneous

12.03.2014 11:56

Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted
by DGAP - a company of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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ADLER Real Estate AG: Management Board of ADLER Real Estate
Aktiengesellschaft determines exchange ratio for the present exchange offer
to shareholders of ESTAVIS AG

Hamburg, 11 March 2014. Management Board of ADLER Real Estate
Aktiengesellschaft ("ADLER Real Estate", ISIN: DE0005008007 / WKN: 500800),
Frankfurt/M., today determined the exchange ratio for the exchange offer
announced on 10 February 2014 to the shareholders of ESTAVIS AG. This will
be 25:14. That means every shareholder of ESTAVIS AG is entitled to take up
14 new ADLER shares from the capital increase against contributions in kind
for every 25 shares of ESTAVIS AG which are tendered for exchange. This is
equivalent to an implied price per ESTAVIS share of EUR 2.19 at a value of
the ADLER share of EUR 3.91 (corresponding to the minimum price pursuant to
Section 31 (1) of the German Securities Acquisition and Takeover Act
(WpÜG), Section 5 (1) of the WpÜG Offer Ordinance
(WpÜG-Angebotsverordnung).

Compared with the volume-weighted three months average price of the ESTAVIS
share for the period until and including 09 February 2014, which at the
same time is the minimum price pursuant to Section 31 (1) of the German
Securities Acquisition and Takeover Act, Section 5 (1) of the WpÜG Offer
Ordinance, this means a premium of 8.41%. The value of EUR 3.91 of the
ADLER share which was taken as a basis at the same time is the maximum
price pursuant to the WpÜG Offer Ordinance.

Together with the exchange ratio the Management Board of ADLER Real Estate
AG has furthermore decided that the extraordinary general meeting of
shareholders, which shall resolve a capital increase against contributions
in kind for the contribution of the ESTAVIS shares, will take place on 22
April 2014. The exchange offer to the shareholders of ESTAVIS AG will begin
immediately thereafter. The date of closure for the submission of the offer
document was extended by BaFin to 07 April 2014.

The Management Board

For inquiries please contact:

Press: german communications dbk ag  
Jörg Bretschneider     
Alsterufer 34, 20354 Hamburg, Germany   
Phone: +49-(0)40/46 88 33 0, Fax: +49-(0)40/47 81 80  
presse@german-communications.com    

Investor Relations: Hillermann Consulting
Christian Hillermann
Poststraße 14, 20354 Hamburg, Germany
Phone: +49-(0)40/32 02 79 10, Fax: +49-(0)40/32 02 79 114
c.hillermann@hillermann-consulting.de


12.03.2014 DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de

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Language:     English
Company:      ADLER Real Estate AG
              Alstertor 17
              20095 Hamburg
              Germany
Phone:        +49 (0)40 - 29 8130-0
Fax:          +49 (0)40 - 29 8130-35
E-mail:       info@adler-ag.com
Internet:     www.adler-ag.com
ISIN:         DE0005008007, DE000A1R1A42, 
WKN:          500800, A1R1A4
Listed:       Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
              in Berlin, Düsseldorf, Hamburg
 
End of Announcement                             DGAP News-Service
 
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