ZUBLIN IMMOBILIERE (EPA:ZIF) Züblin Immobilière France announces investment in a “green” OPCI fund to drive future growth

Transparency directive : regulatory news

17/11/2010 18:15

Media release

Paris, 17 November 2010

Züblin Immobilière France announces :
(a) investment in a "green" OPCI fund to drive future growth,
(b) solid half-year results

Half-year results, growth in Net Asset Value

Züblin Immobilière France presents audited consolidated financial
statements(1) for the first half of its 2010-2011 Financial year, ending
30 September 2010. The financial highlights of the first half of the year are:

  - Consolidated net profit: +EUR 5.1m
  - Gross open market value of the portfolio: EUR 327m (+0.4% in six months)
  - Fully diluted operating cash flow per share: EUR 0.40 (EUR 0.48 as at 30
    September 2009)
  - Fully diluted EPRA Net Asset Value(2) per share: EUR 8.51 (+1.8% in six
    months)
Züblin Immobilière France presents a solid balance sheet as at 30 September
2010, with stable bank debt of EUR 226.8m, no financial debt maturing before
2013, and a net cash position of EUR 22.4m. The consolidated net LTV ratio(3)
is 66.4%.

Renovation projects on schedule

Züblin Immobilière France has selected the architecture firm KCAP, associated
with Atelier 115, for the redevelopment of the Jatte 1 building. Subject to
obtaining the building permit, which will be submitted in early 2011, works will
begin once Laboratoires Roche vacates the premises in October 2011. The building
will be redeveloped in accordance with the criteria of the latest French
environmental regulations, and is due to be completed at the end of 2013.
As a consequence of YSL Beauté vacating the Jatte 2 building in June 2011,
Züblin Immobilière France has initiated a strategic review of the building and
the possibility of combining its renovation with that of the Jatte 1 building,
in order to achieve economic and operating synergies. There has been continued
interest from occupiers for the Jatte location for buildings delivered in 2013.

(1) These accounts have been subject to a limited audit by the company's
auditors in accordance with the professional standards applicable in France.
(2) EPRA Net Asset Value is determined by excluding the net mark to market
adjustment on interest rate hedging instruments from the calculation of fully
diluted Net Asset Value.
(3) Net LTV ratio: outstanding bank loans net of cash and cash equivalents /
Assessed value of asset portfolio (excluding transfer duties).

Future growth : investment in a "green" OPCI fund

Züblin Immobilière France and the fund manager Viveris Reim announce that they
have come to an agreement to create an OPCI real estate investment fund,
dedicated to Züblin, and investing in office buildings to be renovated in
accordance with the latest French environmental regulations ("Grenelle 2" laws).
Züblin Immobilière France considers transfering to the fund the Jatte 1 and
Jatte 2 buildings, which fit its investment criteria.

For Züblin Immobilière France and its shareholders, this transaction
represents a unique strategic development opportunity, allowing for:
  - renewed growth momentum;
  - additional financing of renovation works on the buildings on Ile de
    la Jatte;
  - additional source of income for Züblin Immobilière France;
  - reduced risk for Züblin Immobilière France;
  - higher NAV per share for the Company.

Following the passing of the "Grenelle 2" law on environment protection , the
energy efficiency of old buildings, and therefore environmental renovation, will
become a key issue in the commercial property sector over the next few years.
Züblin Immobilière France will provide its expertise and the know-how of the
Züblin Group, which has already carried out a number of "green" office building
renovation projects in Switzerland and Germany.

The financial report for the 6 months period ended 30 September 2010 is
available on the Züblin Immobilière France website (www.zueblin.fr).
An investor meeting will take place on 18 November 2010 at 5.30pm, and the
presentation document will be available on the Company's website from
18 November 2010 at 5.30pm.

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

Key Figures for the first-half of the financial year 2010/2011

In EUR m                               30.09.2010            30.09.2009
Income statement
Rental income                                11.5                 12.2
Overheads and corporate expenses            (1.1)                 (1.0)
Change in assets valuations                   0.4                  3.7
Net operating income                         10.6                 14.7
Financial income                              0.0                  0.0
Interest paid / financial expenses          (5.5)                 (5.6)
Net income                                    5.1                  9.1

In EUR m                               30.09.2010            31.03.2010
Balance sheet
Investment properties                       308.5                307.3
Current assets                               33.3                 32.2
Total equity                                 77.3                 76.3
Non-current liabilities                     250.1                248.4
Current liabilities                          14.3                 14.8
Total liabilities                           341.8                339.5

Key figures per share

                                       30.09.2010           31.03.2010
EPRA NAV (fully diluted)                     8.51                 8.36
Share price                                  3.65                 3.88
                                       30.09.2010           30.09.2009
Operating cash flow (fully diluted)          0.40                 0.48

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 announces investment in a “green” OPCI fund to drive future growth

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