Regulatory News:

Züblin Immobilière France (Paris:ZIF) today announces its unaudited preliminary financials for the first half of its 2011/2012 Financial Year. Consolidated sales1 for the six-month period ending 30 September 2011 reached ?11.9m, of which gross rental income amounted to ?10.9m.

The Company expects:

  • Gross open value of the portfolio of ?331m, with a physical vacancy rate of the operating investment properties of 8.4%;
  • Fully diluted EPRA2 Net Asset Value per share of ?8.62;
  • Fully diluted operating cash flow per share for the six months of ?0.31.

All financial information included in this press release is unaudited and has not yet been approved by the Board of Directors.

Sales by quarter

             
In millions of euros   2011/2012   2010/2011   ? (%)
First quarter (01.04 - 30.06)   6.2   6.4   -3.1%
Second quarter (01.07 - 30.09)   5.7   6.1   -6.6%
Half-year total (01.04 - 30.09)   11.9   12.5   -4.8%

Compared to the same period of the previous Financial Year, second-quarter consolidated sales (?5.7m) were down -6.6%, due to the decrease in the occupancy rate.

1 Consolidated sales encompass gross rental income as stated in IFRS financial statements + service charges invoiced to the tenants
2 EPRA Net Asset Value is determined by excluding the net mark to market adjustment to the value of financial instruments which are economically effective from the reported fully diluted liquidation Net Asset Value calculation

Consolidated sales for the first half of the Financial Year 2011/2012 totalled ?11.9m, out of which gross rental income totalled ?10.9m, representing a decrease of -4.8% compared to the first half of the Financial Year 2010/2011.

Portfolio's valuation and Net Asset Value

As of 30 September 2011, Züblin Immobilière France expects a gross open value of the investment property portfolio of ?331m, stable (+0.3%) compared to 31 March 2011.

As of 30 September 2011, the physical occupancy rate of the operating investment properties is 91.6%, compared with 93.9% as of 31 March 2011.

Considering the positive impact of the operating earnings, together with the impact of the change in investment property value, Züblin Immobilière France expects EPRA NAV to be ?106.7m as of 30 September 2011 compared with ?105.5m as of 31 March 2011. Given the distribution of free shares resulting from the capital increase out of the share premium reserve, fully diluted EPRA NAV per share should be ?8.62, compared with ?9.04 as of 31 March 2011.

Results and cash flow per share

Considering the ?2.5m of investments carried out over the first half, related mainly to the Jatte 1 and Jatte 3 renovation projects, the decrease in market value of the investment property reported in the profit and loss statement for the first half of the 2011/2012 Financial Year should be a negative -?2.1m (representing a -0.7% decrease on the investment property portfolio net open market value as of 31 March 2011).

Operationally, fully diluted operating cash flow per share is expected to be ?0.31 for the first half, compared with ?0.40 for the same period of the previous Financial Year.

The Company's outlook and strategy will be presented at the full disclosure of the half-year financial statements, scheduled for 16 November 2011.

Züblin Immobilien Holding AG, the Züblin group's parent company, will release its main financial indicators for the first half of its 2011/2012 Financial Year on 27 October 2011, before market.

A brief outline of Züblin Immobilière France

Züblin Immobilière France is a listed property company that has elected for REIT status (SIIC status). The company invests in office properties, and its real estate in France consists of 8 office buildings in the Paris area, Lyon and Marseille.

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

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.

For more information
Züblin Immobilière France
Eric Berlizon, +33 (0)1 40 82 72 40
CFO
info@zueblin.fr
www.zueblin.fr
or
NewCap., Financial communication
Pierre Laurent, Dusan Oresansky, +33 (0)1 44 71 94 94
Fax +33 (0)1 44 71 94 90
zueblin@newcap.fr