PR Newswire/Les Echos/
 
                          ?Press release
Paris, 20th November 2008

Züblin Immobilière France half-year results (01.04.08 - 30.09.08):
  ?   Operating cash-flow : €6.7m (€0.57 per share, + 4% compared with the 
first half of the previous financial year)
  ?   Valuation adjustment on investment property: - €39.0m (-10.4% compared 
with 31.03.08)
  ?   Net loss: - €32.6m
  ?   NAV per share: €10.86 (-22.9% compared with 31.03.08)


Half-year results
Züblin Immobilière France, a real-estate company specialising in office 
properties, recorded a consolidated net loss of €32.6m in the first half of its 
2008-2009 financial year (from 01.04.08 to 30.09.08), compared with a €14.6m 
profit in the first half of its 2007-2008 financial year. Profits were 
negatively impacted by the €39.0m fall in investment property values, which 
were down 10.4% compared with 31.03.08.
Operating cash-flow1 for the first six months of the financial year amounted to 
€6.7m (€4.2m in the first half of 2007-2008). The operating cash-flow per 
share2 stands at €0.57, an increase of 4% compared with the previous year 
amount of €0.55.
As at 30.09.08, IFRS shareholders equity totalled €121.3m and fully diluted NAV 
stood at €126.4m or €10.86 per share (versus €14.09 per share at 31.03.08).


Investment property valuations
The appraised value (gross) of the Company's investment properties, as 
determined by Jones Lang LaSalle, was €357.1m as of 30.09.08, a decrease of 10.4
% relative to 31.03.08. The valuation adjustments were more pronounced for 
assets located in the Paris area than for those located in Lyon and Marseille.
The Company's occupancy rate was 98.3% at 30.09.08, and will rise to 99.5% on 01
.01.09, following the lease signed with TMC Regie for one floor of the Jatte 3 
building.




1 Operating cash flow = net profit before tax adjusted for change in the value 
of assets, capital gains or losses on disposal of assets, impact of discounting 
exit tax and security deposits, and exceptional items in the financial result.
2 Based on the average number of shares over the period: 11,645,638 shares


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Financing
Bank debt amounted to €227.8m at 30.09.08. The bank debt has a maturity of over 
five years and is fully hedged against future interest-rate movements. In the 
first half of financial year 2008/09, the weighted-average cost of bank debt 
was 4.51%. The gross Loan-To-Value (LTV) ratio3 is 63.8%.


Outlook
In accordance with its thorough business practices, Züblin Immobilière France 
has modified its business development plans to fit the prevailing economic, 
financial and property-market conditions, which have deteriorated substantially 
in the last few months. Specifically, Züblin Immobilière France has decided to 
temporarily suspend its acquisition programme until visibility over economic 
and financial conditions improves.


Züblin Immobilière France now focuses its efforts on maximising tenant loyalty, 
and adjusting its assets management to the new market situation, in order to 
secure its cash flows. As a recent example of steps Züblin Immobilière France 
is taking in this area, on 06.11.08, Züblin Immobilière France and Faurecia 
renegotiated the terms of their existing lease agreement which was due to 
expire at the end of October 2010. The new terms are effective retroactively as 
of 01.10.08 and include the signing of a new lease for six/nine years. Taking 
into account this new lease, as well as the one signed with TMC Régie, 
annualised rental income stands at €26.4m (-1.1% compared with 31.03.08). The 
portfolio's gross yield is 7.4% and the Company expects that operating cash-
flow per share should rise by 3% in the current financial year.


Züblin Immobilien Holding AG, which owned 68.2% of Züblin Immobilière France at 
30.09.08, has confirmed its intention to comply with SIIC 4 regulations.


The full semi-annual report is available on the Züblin Immobilière France 
website: www.zueblin.fr




3   Gross LTV ratio: gross outstanding bank debt / gross open market value of 
portfolio

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About Züblin Immobilière France (www.zueblin.fr)
Züblin Immobilière France is a listed property company, which 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 Paris area, Lyon and 
Marseille.


Key figures as at 30.09.08:
?   Portfolio appraised value: €357.1m (gross) (-10.4% over last six months)
?   Annualised rental income: €26.1m (-2.2% over last six months)
?   Diluted liquidation NAV: €10.86 per share (-22.9% over last six months)




Consolidated Balance sheet

In € thousand                   30.09.08     31.03.08      ?
Investment Property              336,270      374,737   -10%
Other non-current assets           7,378        4,043   +82%
Current assets                    34,393       36,198    +5%
Total Assets                     378,041      414,978
Shareholders' funds              121,332      158,706   -24%
Non-current liabilities          236,368      237,128     0%
Current liabilities               20,341       19,144    +6%
Total liabilities                378,041     414,978

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Consolidated Profit & Loss statement



In € thousand                             30.09.08   30.09.07
                                          6 months   6 months
Gross rents                                 13,348      8,753
Net passing rents                           13,051      8,498
Overheads and corporate expenses           (1,380)    (1,084)
EBITDA                                      11,671      7,414
Change in assets' valuation               (39,015)      7,172
Net income from disposals                        0      3,660
Net operating income                      (27,344)     18,247
Financial income                               387      1,367
Interest paid / other financial expenses   (5,651)    (4,983)
Net income                                (32,608)     14,631   Shares   of
Operating cash flow                          6,687      4,211        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
www.zueblin.fr


Steve Grobet, Dusan Oresansky, NewCap., Financial communication
Tel. +33 (0)1 44 71 94 94, Fax +33 (0)1 44 71 94 90, Email zueblin@newcap.fr




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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.

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