PR Newswire/Les Echos/
 
                          Press release
Paris, 15th April 2008


Full year consolidated sales increase by 168%


Züblin Immobilière France, a real-estate company that invests in commercial
properties, announces that its consolidated sales for FY 2007/2008 to 31st March 2008
totalled €21.9m, €20.7m of this being rents.


 In €                                                                  2007/2008           2006/2007     ? (%)
 First quarter (from 01/04/07 to 30/06/07) ........................ ,477,682
                                                                  4                         2,767,656   +61.79%
 Second quarter (from 01/07/07 to 30/09/07) ................... ,566 095
                                                              4                             3,304,635   +38.17%
 Third quarter (from 01/10/07 to 31/12/07) ....................... ,016,409
                                                                 6                          3,364,206   +78.84%
 Fourth quarter (from 01/01/08 to 31/03/08)?.                             6,863,163         3,651,211   +187.97%
 Total 2007/2008 .............................................................. ,923,349
                                                                            21             13,087,708   +167.51%




Evolution of annual sales
Over the Group's entire 2007/2008 financial year (from 01/04/07 to 31/03/08), consolidated
sales totalled €21.9m out of which rental income (rents and recoverable charges) amounted
to €21.8m and rents reached €21.7m. Sales growth was 168%, essentially due to income
generated by the 3 acquisitions carried out over the year and the full-year effect of rental
income of the Jatte 3 and Suresnes buildings acquired towards the end of FY 2006/2007. On
a like for like basis (i.e. the Jatte 1 and 2 buildings), rents were up 6%.


Evolution of 4thquarter sales
Sales for the 4th quarter of 2007/2008 (from 01/01/2008 to 31/03/2008) totalled €6.9m, up
188% compared to the same quarter of FY 2006/2007, out of which rents amounted to
€6.6m.
Rents for the 4th quarter of 2007/2008 were up 18% compared to the 3rd quarter of the
same financial year. The Danica office complex and the building in Marseille, which were
acquired respectively on 14th and 30th January 2008, contributed €0.9m to this quarter's
rents.



                                                          -1-
On a like for like basis (i.e. Jatte 1 and Jatte 2), rents grew by 5% compared to the final
quarter of the previous financial year.
As at 31 March 2008, the vacancy represents 1.7% of the Group's total surface area. This
represents one and a half floors of the Jatte 3 building.




About Züblin Immobilière France
Züblin Immobilière France is a listed property company, which has elected for REIT status
(SIIC status). The company invests in commercial properties (offices, shops, logistics), and
its real estate in France consists of 8 office buildings in the Paris Western Business district
(Neuilly-sur-Seine, Gennevilliers, Nanterre and Suresnes), in Lyon and Marseille.


Key figures:
       Appraised real estate holdings: €402 m (real estate transfer tax included)1
       Annualised rental income: €26.8 m
       Operating cash flow: €4.2m (30.09.2007)
       Diluted liquidation NAV: €14.60 per share (30.09.2007)



Shares of Züblin Immobilière France trades 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

1
    Valuation as at 30th September 2007 or acquisition costs for the buildings purchased since

                                                        -2-
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.




                                                    -3-

                         
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