PR Newswire/Les Echos/

Media Release

Paris, 18 November 2009

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

Züblin Immobilière France today announced its results for the first half of
its Financial Year 2009/2010. As of 30 September 2009, the gross open market
value of the Company's investment property has leveled out at EUR319.8m, fully
diluted NAV per share rose by 8.1% to EUR6.53 and consolidated net profit for
the six-month period was EUR9.1 million. Züblin Immobilière France intends to
call for an Extraordinary General Meeting before March 2010 in order to carry
out a reduction in the nominal value of the Company's shares.

Real estate valuation and NAV

As of 30 September 2009, the gross value of the investment property portfolio
levelled out at EUR319.8 million, representing an increase of 1.6% since 31
March 2009. Based on annualised rents passing totalling EUR24.9 million as of 30
September 2009, representing a gross yield of 7.8%. The Company's occupancy rate
was stable at 98.9%. IFRS shareholders equity totalled EUR71.4 million as of 30
September 2009, compared with EUR65.1 million as of 31 March 2009. Fully diluted
NAV per share stood at EUR6.53, representing an increase of 8.1% since 31 March
2009.

Consolidated net profit and operating cash flow

The Company recorded a positive fair value adjustment on its portfolio of EUR3.7
million, which together with the operating result translated into a consolidated
net profit of EUR9.1 million for the first half of Financial Year 2009/2010
compared with a net loss of EUR32.6 million in the first half of Financial Year
2008/2009.

Operating cash flow amounted to EUR5.6 million, a decrease of EUR1.1 million
compared with EUR6.7 million in the previous year. This decline results largely
from the rent reductions agreed at the end of Financial Year 2008/2009 in order
to secure lease extensions and preserve cash flow over a longer period. As a
result, fully diluted operating cash flow per share for the six months ended 30
September 2009 was EUR0.48, a decline of 15.8% compared with EUR0.57 in the
previous year.

Financing

As of 30 September 2009, bank debt amounted to EUR228 million, with an average
maturity of over 4 years. The Company is fully hedged against interest rate
fluctuation risks, resulting in a stable average interest rate of 4.51% over the
first half of the Financial Year 2009/2010. As of 30 September 2009, the
consolidated net LTV ratio was 67%.

Outlook

For the Financial Year 2009/2010 Züblin Immobilière France expects the trend
observed over the first half of the year to continue, with a mechanical
reduction in operating cash flow per share following the rent reductions agreed
during the previous year. The vacancy rate is expected to be 4% at the end of
the financial year. Züblin Immobilière France's strategic positioning since
March 2008 as an active player in high quality environmentally-oriented office
buildings located in high-potential economic areas, will improve as a result of
the new environmental targets defined by the parliamentary bill voted by the
French Senate on 9 October 2009 (the "Grenelle 2" bill). These ambitious targets
represent new value-creation opportunities for Züblin Immobilière France
through the renovation of older buildings with sturdy architectural structure in
prime locations.

Extraordinary General meeting

Züblin Immobilière France will call for an Extraordinary General Meeting
before 31 March 2010 in order to carry out a reduction in the nominal value of
its shares. This is a necessary step in order to ensure the required flexibility
with respect to any potential future capital market transaction, as this would
currently not be possible given that the shares trade below nominal value. The
Company has not yet decided whether to undertake such a transaction but wants to
have the necessary flexibility to carry it out should market conditions be
deemed appropriate. Such a transaction would enable the Company to increase its
financial capacity.

Semi-annual Report

The semi-annual report for Financial Year 2009/2010 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 first-half of the financial year 2009/2010

In EURm                                      30 September 2009 30 September 2008
Income statement
Rental income                                       12.2             13.3
Overheads and corporate expenses                    (1.0)            (1.4)
EBITDA                                              11.0             11.7
Change in assets' valuation                          3.7            (39.0)
Net operating income                                14.7            (27.3)
Financial income                                     0.0              0.4
Interests paid and financial expenses               (5.6)            (5.7)
Net income                                           9.1            (32.6)

In EURm                                      30 September 2009     31 March 2009
Balance sheet
Investment properties                              301.6            296.3
Current assets                                      35.7             32.6
Total equity                                        71.4             65.1
Non-current liabilities                            246.5            246.1
Current liabilities                                 19.8             18.0
Total liabilities                                  337.7            329.3

Key figures per share

                                            30 September 2009    31 March 2009
NAV (fully diluted)                                 6.53             6.04
Share price                                         4.65             3.90
                                           30 September 2009 30 September 2008
Operating cash flow (fully diluted)                 0.48             0.57

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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