PR Newswire/Les Echos/

Media Release

Paris, 28 October 2009

       Züblin Immobilière France announces preliminary half-year results for 
                                   FY 2009/2010

Züblin Immobilière France today announced unaudited, preliminary financials
for the first half of its financial year 2009/2010. Consolidated sales(1) for
the six month period ending 30 September 2009 are expected to be EUR13.4m, out
of which gross rental income amounted to EUR12.3m.

The Company expects:

* A gross open value of the portfolio of EUR319.8m (+1.6%vs 31 March 2009), with
  a physical vacancy rate of 1.1%;
* Fully diluted operating cash flow per share for the six months of EUR0.47;
* Fully diluted liquidation Net Asset Value per share of EUR6.41.

Sales by quarter:

In million of euros                    2009/2010       2008/2009       Var.(%)
First quarter (01.04 - 30.06) .........  6.7              7.1            -6%
Second quarter (01.07 - 30.09)	.......  6.7              7.1            -6%
Half-year total (01.04 - 30.09) ....... 13.4             14.2            -6%

Compared to the same period in the previous financial year 2008/2009,
second-quarter gross rental income (amounting to EUR6.2m) were down 08%: the
positive effect of lease indexations was more than offset by the decrease in
rents for the Jatte 1 and Le Magellan buildings. Consolidated sales for the
first half of FY 2009/2010 totalled EUR13.4m out of which gross rental income
amounted to EUR12.3m. Sales declined by 06% compared to the previous year, due
to the decrease in rents on the Jatte 1 and Magellan buildings granted on the
second half of FY 2008/2009.

(1) Consolidated sales encompass gross rental income as stated in IFRS financial
statements + service charges invoiced to the tenants

Portfolio

As of 30 September 2009, the gross open market value of the Company' s
investment property portfolio was EUR319.8m, representing an increase of +1.6%
relative to 31 March 2009.
On an annualised basis, rents totalled EUR24.9m. As of 30 September 2009, the
Company's physical occupancy rate was 98.9%, compared to 99.3% 6 months ago. In
terms of net asset value, considering the impact of operating earnings, together
with the impact of the change in market value, cash-flow hedge swaps
revaluations and share premium reserves distribution, Züblin Immobilière
France expects fully diluted NAV per share to be of EUR6.41.

Result and cash flow per share

The net increase in market value of the investment property reported in the
profit and loss statement for the first half of FY 2009/2010 should be EUR3.7m
(representing +1.3% of the net open value as of 31 March 2009). Operationally,
due to the decrease in rents for the Jatte 1 and Le Magellan buildings,
operating cash flow decreased. Fully diluted operating cash flow per share is
expected to be of EUR0.47 for the six month period ended 30 September 2009,
compared with the previous period amount of EUR0.57.

Full disclosure of the Company's semi-annual financial statements is scheduled
on 18 November 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.

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the United Kingdom, Canada, Italy, Australia or Japan.
                      
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