PR Newswire/Les Echos/
 
                          Press release
Paris, 2 June 2008

Züblin Immobilière France announces consolidated net income for the 2007-2008
financial year of €5.9m. As of 31 March 2007, the gross appraisal value of the
portfolio was €398m and NAV per share stood at €14.09.
Operating cash flow for the financial year was €9.7m, or €1 per share.
A dividend of €0.80 per share will be put to shareholders, an increase of 14%
compared to the previous year's dividend.


Annual results
Züblin Immobilière France, a real-estate company that specialises in commercial properties,
announces consolidated net income of €5.9m for the 2007-2008 financial year (from
01/04/07 to 31/03/08), compared with €9.7m for the 2006-2007 financial year. Unlike the
previous year, the change in asset valuation (€2.6m) is lower than the writing off of the
acquisitions' taxes and costs (-€8.3m) under IFRS fair value accounting. Operating cash
flow1 amounts to €9.7m (€4.2m in the previous financial year), or €1.00 per share2.
At 31 March 2008, IFRS shareholders equity totalled €158.7m and diluted liquidation NAV is
€164.2m, or €14.09 per share.


Property values
The appraisal value (rights included) of the company's investment properties was valued by
Jones Lang LaSalle at €398m as of 31 March 2008. This increase of 60% since 31 March
2007 is mainly due to the acquisition of buildings located in Nanterre, Lyon and Marseille. On
a like-for-like basis, the value of the portfolio rose 2%. The occupancy rate was 98.3% as of
31 March 2008. Annualised rent was up 54% at €26.7m as of 31 March 2008. The portfolio
gross yield is 6.7%.


Proposed dividend up 14%
A €0.80 euro per share dividend will be put to the Annual General Meeting on 23 June 2008,
up 14% compared with the previous year.

1
  Operating cash flow = net profit before tax adjusted for change in the value of assets, capital gains or losses on
disposal of assets, impact of discounting exit tax and security deposits, and exceptional items in the financial
result.
2
  Based on the average number of shares over the period: 9 696 667 shares
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Prospects
The Company's investment policy must necessarily take into account the less favourable
economic and financial situation. The conclusion of the investment plan, which aims to
achieve a portfolio value of €500m by mid-2009, depends on Züblin Immobilière France's
ability to find the appropriate additional financial resources. It will be pursued in a more
opportunistic way and in compliance with the criteria that any investment must be accretive
to operating cash flow.


Züblin immobilière France's bank debt maturing in more than five years and being fully
hedged against interest rate fluctuations, on a like for like basis, operational cash flow per
share should increase by at least 10% during the 2008-2009 financial year, thanks to the full
rental contribution of the acquisitions made during the 2007-2008 financial year.


Having established a satisfactory and diversified operating cash flow basis, Züblin
Immobilière France can now envisage undertaking renovation or restructuring works in order
to increase the value of its assets. Such works will be performed with an environmental
approach aiming at improving the operating performance of te assets and the quality of
services provided to tenants.




Key figures as of 31 March 2008:
   Portfolio appraised value: €398m (gross) (+60% over 1 year)
   Annualised rental income: €26.7m (+54% over 1 year)
   Diluted liquidation NAV: €14.09 per share (-0.8% over 1 year)




                                             -2-
Consolidated Balance sheet

In thousands of EUR
                                                31.03.2008      31.03.2007    ?

Real Estate investments                              374,737      234,934    +60%
Other non-current assets                               4,043        4,896    -17%
Current assets                                        36,198       17,058    +112%

                                                     414,978      256,888
Total Assets

Shareholders' funds                                  158,706       74,500    +113%
Non-current liabilities                              237,128       74,855    +217%
Current liabilities                                   19,144      107,533    -82%

Total liabilities                                    414,978      256,888




Consolidated P&L

In thousands of EUR                                             31.03.2007   ? (%)
                                                31.03.2008

Gross rents                                           20,910       12,283    +70%
Net passing rents                                     20,418       11,825    +73%
Overheads and corporate expenses                      (2,659)      (2,356)   +13%
Change in assets' valuation                            2,589       13,567    -81%
                                                      (8,258)      (5,283)   +56%
writing off of acquisitions' costs and taxes
Net income from disposals                              3,660
Net operating income                                  15,749       17,752    -11%
Financial income                                       1,905        1,726    +10%
Interests paid and financial expenses                (11,757)      (5,621)   +109%
Impact of election to SIIC status                                  (4,189)
Net income                                             5,897        9,668    -39%




                                               -3-
Shares of Züblin Immobilière France trade on compartment C of Euronext Paris market of
Nyse Euronext - ISIN: FR0010298901




Contacts
Eric Berlizon, CFO, Züblin Immobilière France, 52 rue de la Victoire, 75009 Paris
Tel. +33 (0)1 40 82 72 40, info@zueblin.fr
Emmanuel Huynh, Steve Grobet, NewCap., Financial communication
Tel. +33 (0)1 44 71 94 94, Fax +33 (0)1 44 71 94 90, Email zueblin@newcap.fr




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.




                                                    -4-

                         
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