PR Newswire/Les Echos/

Media Release

Paris, 29 April 2009

Züblin Immobilière France announces key financial metrics for Financial Year
2008/2009

Züblin Immobilière France today announced selected preliminary, unaudited
financial metrics* for its Financial Year ended 31.03.2009 in order to give the
market an indication of the material factors influencing its annual financial
results. Consolidated sales for the 2008-2009 Financial Year totalled EUR27.3m,
out of which rents amounted to EUR25.4m.

The Company expects:

* negative revaluation of its investment property portfolio around 21% over the
  12 month period;

* portfolio valuation (including rights) between EUR312m and EUR315m, with a
  vacancy rate of 0.7%;

* fully diluted operating cash flow per share in the range of EUR1.00 and
  EUR1.05;

* fully diluted liquidation Net Asset Value per share in the range of EUR5.6 
  and EUR6.0;

* proposed dividend to be EUR0.30 per share, compared with EUR0.80 in the
  previous year; 

Based upon the current status of the Company's financial statements, Züblin
Immobilière France is in compliance with all of its debt covenants as of
31.03.2009.

*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 million of euros                        2008/2009     2007/2008     Var.(%)
First quarter (01.04 - 30.06)..............      7.1           4.5       +58%
Second quarter (01.07 - 30.09).............      7.1           4.6       +55%
Third quarter (01.10 - 31.12)...............     6.9           6.0       +14%
Fourth quarter (01.01 - 31.03)..............     6.2           6.9       -10%
Full-year total (01.04 - 31.03).............    27.3          22.0       +24%

Compared to the same period of the 2007-2008 Financial Year, fourth-quarter
rents (amounting to EUR6.5m) were down 10.7%: the positive effect of lease
indexations and the full effect of rental income of the Danica and Salengro
buildings were offset by the decrease in rents for the Jatte 1 and Le Magellan
buildings.
Consolidated sales for the 2008-2009 Financial Year totalled EUR27.3m out of
which rents amounted to EUR25.4m. Sales growth was 24%, essentially due to
income generated by the full-year effect of the Danica and Salengro buildings
acquired towards the end of FY 2007-2008. On a like for like basis (i.e.
excluding Magellan, Danica, Salengro and Collines de Saint Cloud buildings),
rents were down 3%.

Portfolio
As of 31.03.09, Züblin Immobilière France expects its investment property
portfolio to be valued between EUR312m to EUR315m (including rights),
representing a decrease between 11.8% and 12.5% relative to 30.09.08, or a
decline between 20.8% and 21.5% over the 12 months period. On an annualised
basis, rents totalled EUR24.6m, and the gross yield of the portfolio will be
between 7.8% and 7.9%. As at 31.03.09, the Company's occupancy rate is 99.3%.
In terms of Net Asset Value, considering the positive impact of operating
earnings, together with the impact of the change in market value, cash-flow
hedge swaps revaluations and dividends, Züblin Immobilière France expects
fully diluted NAV per share to be in the range of EUR5.6 to EUR6.0, representing
a decline of between 57% to 60% over the 12 month period.

Result and dividend
The total decrease in market value of the investment property reported in the
profit and loss statement for the 2008-2009 Financial Year should be in the
range of EUR(79.0)m to EUR(82.0)m.
Operationally, the Company expects to report a solid performance, with an
increase of its operating cash-flow: fully diluted operating cash flow per share
should be in the range of EUR1.00 to EUR1.05 for the Financial Year 2008-2009,
compared with the previous year amount of EUR1.00.
Based upon the current status of the Company's financial statements and despite
the negative adjustment to the value of its portfolio, Züblin Immobilière
France is in compliance with all its debt covenants as at 31.03.09.
In this difficult and challenging economic environment, cash reserves are a
determining competitive advantage. Therefore, Züblin Immobilière France
remains focused on preserving its cash reserves and securing cash flows.
Consequently, in order to maintain this key strategic asset and despite the
company's strong operating performance, the Board of Directors will recommend to
shareholders at the Annual general Meeting on 18 June 2009, to pay a dividend of
EUR0.30 per share compared with EUR0.80 in the previous year.

Full disclosure of the Company's annual financial statements is scheduled on 3
June 2009.

For more information
Eric Berlizon, CFO, Züblin Immobilière France
52, rue de la Victoire, 75009 Paris
Tel. +33 (0)1 40 82 72 40, info@zueblin.fr
More information can be found on our website 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

A brief outline of Züblin Immobilière France
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.
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 Ziiblin
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.
Ziiblin Immobilière France shares have not been, and will not be, registered
under the United States Securities Act of 1933, as amended. Ziiblin Immobilière
France does not intend to register Ziiblin 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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