ZUBLIN IMMOBILIERE (EPA:ZIF) Züblin Immobilière France presents preliminary 2010/2011 half-year results

Transparency directive : regulatory news

28/10/2010 17:45

Media Release

Paris, 28 October 2010

Züblin Immobilière France presents preliminary half-year results for the
                          Financial Year 2010/2011

Züblin Immobilière France today announced unaudited preliminary financials for
the first half of its Financial Year 2010/2011. Consolidated sales(1) for the
six months period ending 30 September 2010 are expected to be EUR12.5m, out of
which gross rental income amounted to EUR11.7m.
The Company expects:
* A gross open value of the portfolio of EUR327m (+0.4% vs 31 March 2010), with
  a physical vacancy rate of 6.1%;
* Fully diluted operating cash flow per share for six months of EUR0.40 (-16.7%
  vs the first half of the Financial Year 2009/2010);
* Fully diluted EPRA(2) Net Asset Value per share of 8.51 EUR (+1.8% vs 31 March
  2010). In addition, Züblin Immobilière France announces the vacation of the
  Jatte 2 building on 30 June 2011.

All financial information included in this press release is unaudited and has
not yet been approved by the Board of Directors.

Sales by quarter

In million of euros                  2010/2011   2009/2010     Var. (%)

First quarter (01.04 - 30.06)        ..... 6.4         6.7        -4.5%
Second quarter (01.07 - 30.09)       ..... 6.1         6.7        -9.0%
Half-year total (01.04 - 30.09)     ..... 12.5        13.4        -6.7%

(1) Consolidated sales encompass gross rental income as stated in IFRS financial
statements + service charges invoiced to the tenants
(2) 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

Compared to the same period in the previous Financial Year 2009/2010,
second-quarter consolidated sales (EUR6.1m) were down -9%, due to the decrease
in the occupancy rate.

Consolidated sales for the first half of the Financial Year 2010/2011 totalled
EUR12.5m, out of which gross rental income totalled EUR11.7m, representing a
decrease of -6.7% compared to the first half of the Financial Year 2009/2010.

Portfolio value and Net Asset Value stabilisation
As of 30 September 2010, Züblin Immobilière France expects a gross open value
of the investment property portfolio of EUR327m, stable (+0.4%) compared to 31
March 2010.
On an annual basis, rents are also quasi-stable at EUR22.9m (-0.6% over the 6
months period) and the resulting gross yield of the portfolio should thus be of
7.0%. As of 30 September 2010, the physical occupancy rate is 93.9%, compared
with 94.3% 6 months ago.
Considering the positive impact of the operating earnings, together with the
impact of the change in investment property value, cash-flow hedge swaps
revaluations, and share premium reserves distribution, Züblin Immobilière
France expects fully diluted EPRA NAV per share to be of EUR8.51, representing
an increase of +1.8% over the 6 months period.

Results and cash flow per share
The increase in market value of the investment property reported in the profit
and loss statement for the first half of the Financial Year 2010/2011 should be
EUR0.4m (representing a +0.1% increase on investment property portfolio net open
market value as of 31 March 2010).
Operationally, fully diluted operating cash flow per share is expected to be of
EUR0.40 for the first half of the Financial Year 2010/2011, compared with
EUR0.48 for the same period of the previous Financial Year.

Jatte 2 building vacated on 30 June 2011
Züblin Immobilière France announces that YSL Beauté (L'Oréal group) will
vacate the Jatte 2 building on 30 June 2011. The appraisal of the Jatte 2
building carried out by BNP Paribas Real Estate on 30 September 2010 takes into
account the future vacating of the building followed by its renovation.

The Company's outlook and strategy will be presented at the full disclosure of
the semi-annual financial statements, scheduled on 17 November 2010.

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

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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ZUBLIN IMMOBILIERE (EPA:ZIF) Züblin Immobilière France presents preliminary 2010/2011 half-year results

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