Hamburg, December 8, 2011 - Today, the Management Board of ADLER Real Estate AG, Hamburg, (‘Company') resolved to acquire shares of the Company representing up to 10% of the share capital, i.e., a maximum of 1.5 million shares, for a maximum aggregate acquisition price of EUR 1.0 million (excluding ancillary costs). The shares will be acquired exclusively in the open market. Purpose of the program is to reduce the share capital by redeeming the acquired shares. The Supervisory Board has granted its approval to the share buyback.

The authorization to buy back shares was granted by the Company's Shareholders’ Meeting on August 27, 2010.

The share buyback period will commence on December 15, 2011 (earliest possible trading day) and will terminate on March 30, 2012 at the latest (latest possible trading day).

The share buyback will be carried out under the Safe Harbor reservation in accordance with Section 14 para. 2 and Section 20a para. 3 of the German Securities Trading Act in conjunction with the rules of the Commission Regulation (EC) No. 2273/2003 of December 22, 2003 implementing Directive 2003/6/EC of the European Parliament and of the Council as regards exemptions for buyback programmes and stabilisation of financial instruments ('EC Regulation 2273/2003'). The exceptional rule of Article 5 Clause 3 EC Regulation 2273/2003 will be utilized. Therefore up to 50 % of the average daily turnover of the last 20 trading days can be bought at trading day.

The share buyback will be executed by the credit institution Close Brothers Seydler Bank AG on behalf and for the account of Company in line with the above mentioned rules and in compliance with the provisions of the authorization of the Company's Shareholders’ Meeting of August 27, 2010. In accordance with the General Meeting authorisation the acquisition price (excluding ancillary costs) will not exceed by more than 10% or undercut by more than 20% of the average closing price of the share on the stock exchange (Xetra) on the three trading days preceding the conclusion of the transaction obligating the company to acquire shares in the Company. The credit institution will make its decisions regarding the timing of the share acquisition independently of and without influence by the Company.

The transactions will be published in accordance with Article 4 of EC Regulation 2273/2003; the Company will provide regular information on the progress of the share buyback program at www.adler-ag.de.

ADLER Real Estate AG
The Management Board