PR Newswire/Les Echos/

Media Release

Paris, 3 June 2009

Züblin Immobilière France announces results for its 2008/2009 Financial Year.

Züblin Immobilière France today announced its audited results for the
financial year ended 31 March 2009. The Company recorded a solid operating
performance' with operating cash flow of EUR12.1 million (+25%) or EUR1.04 per
share. The investment property portfolio's negative fair value adjustment of
EUR79.9 million or 20.8% over the 12-month period weighed on consolidated net
income' resulting in a consolidated net loss of EUR68.2 million. As of 
31 March 2009' the investment property portfolio value was EUR315 million with
the fully diluted NAV per share at EUR6.04.

Increase in operating cash flow
Despite the economic environment deterioration, Züblin Immobilière France
increased its operating cash flow by 25.2% up to EUR12.1 million, compared with
EUR9.7 million in the previous Financial Year. As a result operating cash flow
per share, on a fully diluted basis, was EUR1.04 (EUR1.00 as of 31 March 2008).
At EUR25.8 million, rental income rose by 23.5%, thanks to the positive effect
of lease indexation and the full-year effect of rental income from the Magellan,
Danica and Salengro buildings. Operating costs remained low and fell by 3.5%
down to EUR2.6 million. Financing costs levelled off at EUR11.2 million. Despite
the good operating performance, the negative fair value adjustment on the
portfolio of EUR79.9 million resulted in a net consolidated loss of 
EUR68.2 million for the current year compared with a profit EUR5.9 million in
the prior year.
As of 31 March 2009, IFRS shareholders equity totalled EUR65.1 million, leading
to a decline in fully diluted NAV per share down to EUR6.04.

Proposed distribution from the share premium reserve of EUR0.30 per share
In the ongoing challenging economic environment, cash reserves are a determining
competitive advantage. As such, Züblin Immobilière France remains focused on
preserving its cash reserves and securing future cash flows. Consequently, in
order to maintain optimal strategic liquidity and despite the Company's strong
operating performance, the Board of Directors will propose to shareholders at
the Annual General Meeting on 22 June 2009, the distribution from the share
premium reserve of EUR0.30 per share.

Decrease in real estate valuation
As of 31 March 2009, the gross value of the investment property portfolio stood
at EUR315 million, representing a decrease of 20.8% over the 12-month period.
Based on annualised rents passing totalling EUR24.6 million as of 31 March 2009,
the gross yield of the portfolio was 7.8%. As of 31 March 2009, the Company's
occupancy rate was 99.3%.

Secure long-term financing
All of the assets of Züblin Immobilière France are financed by long-term
bullet loans with a maturity of over 5 years. No financing agreement will mature
before the end of 2013 and the debt is fully hedged against interest rate
fluctuation risks. Throughout the Financial Year 2008/2009, the average cost of
debt remained stable at 4.49%. Net financial debt (bank loans less cash and cash
equivalents) as reported in the IFRS financial statements as of 31 March 2009
was EUR206.6m, resulting in a consolidated net LTV ratio of 69.7%. Züblin
Immobilière France was in compliance with all its debt covenants as of the end
of the Financial Year.

Outlook
Züblin Immobilière France has solid fundamentals to navigate through the
current crisis: secure longterm debt, an occupancy rate of nearly 100% and a
tenant base consisting of well-known major domestic and international companies.
Thanks to the priority set on securing cash flows, Züblin Immobilière France
can continue to focus on its business fundamentals and tenants without
distraction.

Annual Report
The Annual Report for the 2008/2009 Financial Year is now available at
www.zueblin.fr.

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

Key Figures for the financial year 2008/2009

In EURm                                     31 March 2009        31 March 2008
Income statement
Rental income                                 25.8                  20.9
Overheads and corporate expenses              (2.6)                 (2.7)
EBITDA                                        22.3                  17.8
Change in assets' valuation                  (79.9)                 (5.7)
Net income from disposals                        0                   3.7
Net operating income                         (57.6)                 15.7
Financial income                               0.6                   1.9
Interests paid and financial expenses        (11.2)                (11.8)
Net income                                   (68.3)                 (5.9)

Balance sheet 
Investment properties                        296.3                 374.7
Current assets                                32.6                  36.2
Total equity                                  65.1                 158.7
Non-current liabilities                      246.1                 237.1
Current liabilities                           18.0                  19.1
Total liabilities                            329.3                 415.0

Key figures per share
NAV (fully diluted)                            6.04                14.09
Operating cash flow (fully diluted)            1.04                 1.00
Share price as of 31.03                        3.90                12.22

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.

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