Press release   

Paris, 26 April 2012

2011/2012 profit: 2.2 million euros

(Unaudited preliminary data)

Preliminary 2011/2012 annual figures, unaudited and not yet approved by the Board of directors (see the upcoming press release of 15 May 2012), show rental income of €18.1 million and profit of €2.2 million, despite the fall in rents that was expected because, in particular, of the ongoing renovation of the Newtime (formerly Jatte 1) building.

The total net value of the portfolio increased by 2% over the year, totalling €317.75 million to 31 March 2012. This figure takes into account €6.8 million in capex invested over the period. Excluding the buildings under renovation, the vacancy rate increased to 13.5% because of Comareg (tenant of the Danica building in Lyon) leaving its premises at the end of February 2012, following its bankruptcy. The loan-to-value ratio, net of the cash position, improved to 62.7%, from 63.6% the previous year. EPRA NAV should be €8.63 as at 31 March 2012.

The renovation of the Newtime building (formerly Jatte 1) began in March 2012, with delivery slated for March 2014. As announced when semi-annual results were published, this renovation work is being financed by a mezzanine loan (equity loan) granted by Züblin's parent company, Züblin Immobilien Holding AG. The terms of the loan, in line with standard market terms for the financing of similar projects, consist of an interest rate of 9.5% and a share of any capital gains on the renovated building, in proportion to the ratio of its loan to the project company's equity.

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