PR Newswire/Les Echos/

Media Release

Paris, 19 May 2010

Züblin Immobilière France announces a net profit of EUR16.6m for its Financial
Year 2009/2010 and an increase of 16% of its NAV.

Züblin Immobilière France today announced its audited results for the
financial year ended 31 March 2010. Despite the intensification of the economic
crisis, Züblin Immobilière France recorded a net profit of EUR16.6m. As of 31
March 2010, its fully diluted EPRA NAV increased by 16% and the cash position
amounted to EUR23.7m. This strong performance results primarily from the quality
of the Company's tenant base, the strict control of operating costs, and the
stabilisation of the fair value of the portfolio (+3.3% over 12 months)
supported by the Group policy of improving its properties.

Net consolidated profit of EUR16.6m

Consolidated net profit stood at EUR16.6m for the Financial Year 2009/2010,
compared with a net loss of EUR68.3m for the Financial Year 2008/2009. The
reduction of operating costs by 11% and the positive adjustment of the portfolio
fair value of EUR6.5m have more than offset the decrease in rental income by
5.8% to EUR24.3m. This decrease was anticipated and results from the full year
effect of the rent reductions agreed on buildings Jatte 1 and Magellan at the
end of 2008.
Consequently, operating cash flow amounted to EUR10.4m, decreasing by 14%
compared with the previous year, however representing 43% of rental income.
Fully diluted operating cash flow per share for the full year ended 31 March
2010 was EUR0.89, compared with EUR1.04 in the previous year.

Stabilisation in real estate valuation

As of 31 March 2010, the gross value of the investment property portfolio
levelled out at EUR325.5m, compared to EUR315m a year before. This valuation,
performed by BNP Paribas Real Estate, takes into account that Laboratoires Roche
will not renew the leases in Jatte 3 building in January 2011 and in Jatte 1
building in July 2011, and that both buildings will need to be renovated before
being rented out. In the framework of its ongoing policy of improving its
property assets, Züblin Immobilière France more than doubled its capex
investments to EUR3.3m during the Financial Year 2009/2010 (EUR1.5m in the
previous Financial Year). Taking these investments into account, the net
valuation growth of the portfolio during Financial Year 2009/2010 was 2.2%.

As of 31 March 2010, annualised contractual rent totalled EUR23.0m (-6.5% over
the 12 months period), the gross yield of the portfolio was 7.1%, and the
physical occupancy rate was 94.3%.

Strong increase of the NAV per share

IFRS shareholders equity totalled EUR76.3m as of 31 March 2010, compared with
EUR65.1m as of 31 March 2009. Fully diluted liquidation NAV per share stood at
EUR6.95, representing an increase of 15% over the 12 months period and EPRA(2)
NAV per share was at EUR8.36 (EUR7.21 as of 31 March 2009), representing an
increase of 16% over the 12-month period.

Strong cash position and secure long-term financing

As of 31 March 2010, bank debt amounted to EUR228 million, unchanged compared
with 31 March 2009. 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 2009/2010, the average cost of debt remained relatively
stable at 4.51% (4.49% for the Financial Year 2008/2009).
As of 31 March 2010, the cash position was EUR23.7m, representing an solid
increase of 14% over the 12-month period.
The consolidated LTV ratio as of 31 March 2010 stood at 66.2% of the net market
value of the investment property portfolio. Züblin Immobilière France was in
compliance with all its debt covenants as of 31 March 2010.

Proposed distribution from the share premium reserve of EUR0.30 per share

In the ongoing challenging economic environment, Züblin Immobilière France
remains focused on preserving its cash reserves and investing in the
environmental renovation of its buildings while offering a good yield to its
shareholders. The Board of Directors will propose to the shareholders at the
Annual General Meeting on 2 July 2010, the distribution from the share premium
reserve of EUR0.30 per share like in the prior year. This distribution equates
to 33.7% of the current year's operating cash flow. Based on the average
weighted share price over the Financial Year 2009/2010 (EUR4.27), the equity
earnings yield is 7%.

(1) EPRA Net Asset Value is determined by excluding the net mark to market
adjustment to the value of financial instruments which are economically
effective from reported Fully diluted liquidation Net Asset Value calculation

Outlook

Züblin Immobilière France anticipates a continuation of the uncertainty in the
office real estate sector throughout the coming year. The Group's strategic
priorities remain preserving its cash position as well as further increasing the
loyalty of its tenants in order to secure sustainable future cash flows. Züblin
Immobilière will continue the environmental renovation plans for its portfolio
in order to increase the value of its assets. To this extent, the future
departure of Laboratoires Roche from the Jatte 1 building (July 2011) and three
floors of the Jatte 3 building (January 2011) will allow Züblin Immobilière
France to undertake an ambitious transformation of these buildings into
latest-generation "green" buildings. Züblin Immobilière France will draw upon
the extensive know-how developed within the Züblin Group in Switzerland and
Germany where it has already successfully completed such renovation projects.

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 ontline 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 2009/2010

In EURm                             31 March 2010   31 March 2009
Income statement
Rental income                               24.3         25.8
Overheads and corporate expenses            (2.3)        (2.6)
EBITDA                                      21.2         22.3
Change in assets valuations                  6.5        (79.9)
Net operating income                        27.7        (57.6)
Financial income                             0.0          0.6
Interest paid / financial expenses         (11.1)       (11.2)
Net income                                  16.6        (68.3)

Balance sheet
Investment properties                      307.3        296.3
Current assets                              32.2         32.6
Total equity                                76.3         65.1
Non-current liabilities                    248.4        246.1
Current liabilities                         14.8         18.0
Total liabilities                          339.5        329.3

Key figures per share
EPRA NAV (fully diluted)                    8.36         7.21
Operating cash flow (fully diluted)         0.89         1.04
Share price as of 31.03                     3.88         3.90

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
ofAmerica.
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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