PR Newswire/Les Echos/
 
                          Press release
Paris, 15 October 2008

2008/2009 first-half consolidated sales


Züblin Immobilière France, a real-estate company that invests in commercial    
st properties, announces consolidated sales for the 1 half of its 2008/2009 
financial year (from 01/04/08 to 30/09/08) of €14.1m, out of which rents amount 
to €13.4m.


 In € million                                                     2008/2009     2007/2008    Var. (%)
 1st quarter (from 01/04 to 30/06) ..............................       7.1          4.5         +58%
 2nd quarter (from 01/07 to 30/09) ..............................       7.1          4.6         +55%
 Total 1st Half ............................ ....................     14 .2          9.1         +56%



For the 1st half of 2008/2009, rents are up 58% compared to those of the 
previous financial year (€8.5m), essentially thanks to the acquisition of the 
Magellan, Danica and Salengro buildings. On a like for like basis, rents were 
largely unchanged, as the favourable effect of lease indexations was offset by 
the impact of the partial vacancy in the Jatte 3 building, which arose through 
the departure of YSL Beauté as of 31/12/2007.

For the 2nd quarter of the 2008/2009 financial year, consolidated sales are €7.
1m, out of which rents amount to €6.7m. Compared to the 1st quarter of the 
current financial year (€6.6m), rents rose by 1.5%. This change results from 
lease indexation which came into effect during summer 2008.
Compared to the 2nd quarter of the previous financial year, rents rose by 60%, 
mainly through the acquisitions carried out since October 2007. On a like for 
like basis, rents are up 1% over the previous year, as the indexation effect 
was partially offset by the vacancy in the Jatte 3 building.


Züblin Immobilière France has signed a new lease with the company TMC Regie for 
the rent of the 6th floor of Jatte 3 building. This lease begins on 1 January 
2009, and will increase the occupancy rate up to 99.6%.

                                   -1-

About Züblin Immobilière France
Züblin Immobilière France is a listed property company, which has elected for 
REIT status (SIIC status). The company invests in commercial properties (offices
, shops, logistics), and its real estate in France consists of 8 office 
buildings in the Paris Western Business district (Neuilly-sur-Seine, 
Gennevilliers, Nanterre and Suresnes), in Lyon and Marseille.


Key figures as of 31 March 2008:
-    Portfolio appraised value: €398m (gross) (+60% over 1 year)
-    Annualised rental income: €26.7m (+54% over 1 year)
-    Diluted liquidation NAV: €14.09 per share (-0.8% over 1 year)

Shares of Züblin Immobilière France trade on compartment C of Euronext Paris 
market of Nyse Euronext - ISIN: FR0010298901




Contacts
Eric Berlizon, CFO, Züblin Immobilière France, 52 rue de la Victoire, 75009 
Paris
Tel. +33 (0)1 40 82 72 40, info@zueblin.fr
Emmanuel Huynh, Steve Grobet, NewCap., Financial communication
Tel. +33 (0)1 44 71 94 94, Fax +33 (0)1 44 71 94 90, Email zueblin@newcap.fr


This press release is not intended as an offer or a solicitation to buy Züblin 
Immobilière France shares in the United States of America nor any other country 
where such an offer would be in breach of applicable laws and regulations. 
Züblin Immobilière France shares have not been, and will not be, registered 
under the United States Securities Act of 1933, as amended. Züblin Immobilière 
France does not intend to register Züblin Immobilière France shares under the 
US Securities Act of 1933 or to offer these shares for sale in the United 
States of America.
The shares are only available and may only be offered to or issued to those 
relevant persons who are legally authorised, and any offer, solicitation or 
agreement in view of a purchase of existing shares or an application for new 
shares can only be carried out with those who are legally entitled to do so.
Other persons should not act or rely on this press release. This document or 
any other document related to the company should only be distributed in 
accordance with the conditions above.
This document does not constitute an offer to sell or the solicitation of an 
offer to invest.
Distribution of this press statement in some countries can be a violation of 
applicable legislation.
This press release is not for publication or distribution in the United States, 
the United Kingdom, Canada, Italy, Australia or Japan.

                                 -2-

                         
The content and accuracy of news releases published on this site and/or 
distributed by PR Newswire or its partners are the sole responsibility of the 
originating company or organisation. Whilst every effort is made to ensure the 
accuracy of our services, such releases are not actively monitored or reviewed 
by PR Newswire or its partners and under no circumstances shall PR Newswire or 
its partners be liable for any loss or damage resulting from the use of such 
information. All information should be checked prior to publication.