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ADLER Real Estate AG Participates in Development Project
in the U.S.
Notice pursuant to § 15 of the Securities Trading Act
- 30% Share in Construction of 334 New Apartments in McKinney, Texas
- Fastest-Growing City in the U.S.
Hamburg, 19 December 2008. ADLER Real Estate AG (ISIN DE0005008007), Frankfurt, is participating in a highly promising new housing construction project in McKinney, Texas, the fastest-growing city in the United States. ADLER will take a 30% share of the project company. It is planned to build 334 high-quality apartments. Construction began in November 2008 and is slated for completion in June 2010. The total investment will amount to nearly USD 40 million; ADLER will invest around USD 5 million. ADLER associates its commitment with the very positive experience of the management, which has implemented various housing construction projects in Florida and in the vicinity of Dallas, Texas in the past.
ADLER's partner and the general contractor for the McKinney project is The Worthing Companies, Atlanta, Georgia, one of the most active real estate companies in America's South. In the more than 20 years of its existence, Worthing has successfully realized over 25,000 high-quality residential units in a total volume of USD 2.2 billion. The joint project is called "The Heights at Lake Forest."
The McKinney project is located nearly 50 km north of Dallas in the wealthiest district of Texas. McKinney has already displayed enormous growth. The population doubled in the period from 2000 to 2006. Authorities are assuming further strong growth for the city and have already taken comprehensive steps to provide more infrastructure. The investor community behind the housing project is pursuing the goal of building, leasing, operating and then finally selling the apartments in the medium term.
The Management Board
If you may have any request please refer as follows:
german communications dbk ag
Jörg Bretschneider
Alsterufer 34, 20354 Hamburg
Tel.: 040/46 88 33 0, Fax: 040/47 81 80
presse@german-communications.com
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