PR Newswire/Les Echos/

Paris, 5 November 2009

Foncière Europe Logistique sales as of September 2009 down 3.3% like-for-like,
but sustained upturn in rental business in Q3

Consolidated sales taper slightly

In millions of euros         9M 2008    9M 2009   Change (%)  Change like-for-
                                                                   like (%)
Logistics France               38.0       37.6      -1.1%          -5.3%
Logistics Germany               8.7        6.2     -28.5%          -7.3%
Light industrial premises      13.4       13.6       1.6%           1.6%
Garonor Aulnay                 12.4       12.3      -1.0%          -0.4%
      Total                    72.5       69.7      -3.9%          -3.3%
   
In a difficult context, consolidated sales as of September 2009 came to EUR69.7
million, down 3.9% compared with the previous year. On a like-for-like basis,
the 3.3% drop is mainly attributable to: 
• Higher vacancy rates (negative impact of EUR1.8 million), rising to 11.7% at
  30 September 2009, compared with 11% at the end of June 2009, entirely due to
  the end of the lease guarantee in Dunkirk;
• Lease extensions with rents ranging between the current rents and the market
  rents (negative impact of 2.1 million euros);
• Positive indexation of lease rates (impact of EUR1.9 million).
   
Sustained rental business in the 3rd quarter

The strong rental business in the third quarter of 2009 reflects a more active
market, but also Foncière Europe Logistique's commitment to securing its future
cash flows by extending numerous leases. The average term of Logistics leases
(France and Germany combined) has as a result risen from 2.7 years at the end of
2008 to 3.3 years at 30 September 2009.

The third quarter also saw Foncière Europe Logistique sign new leases for over
215,000 sqm, of which 143,000 sqm were for renewals. For the year as a whole,
these contracts total 434,000 sqm, of which 285,000 sqm for renewals.

A considered divestment policy

Two sale offers (Tri Postal in Pantin for EUR8.7 million and a warehouse in
Vitrolles for EUR8.2 million) were signed in the third quarter for a total of
EUR16.9 million.

These offers bring the total for divestments and sales agreements signed in 2009
by Foncière Europe Logistique to EUR44 million, a rotation of 3.5% of its
portfolio.

Outlook

In 2009, Foncière Europe Logistique intends to pursue its asset management
activity and improve the occupancy rates of its assets, secure its future cash
flows by increasing the average lease term, prepare for redevelopment operations
and realise considered divestments to ensure the effective turnover of its
assets.

Next financial event

11 February 2009: Publication of the 2009 annual results.

About Foncière Europe Logistique 
Foncière Europe Logistique, 67.1% owned by Foncière des Régions, is a listed
real estate investment company specialising in logistics and light industrial
premises. As at 30 June 2009, the assets under Foncière Europe Logistique
management totalled EUR1.2 billion, with properties located in France and
Germany, and net debt totalling EUR717 million.
The Supervisory Board of Foncière Europe Logistique is chaired by Yan
Perchet.
François de La Rochefoucauld has been General Manager of Foncière Europe
Logistique since 1 December 2008.
Foncière Europe Logistique is listed on the Euronext Paris, ISIN: FR0000064305
- FEL, Compartment B.

Contact:
Alexis Guetin, CFO
Tel.: +33 (0)1 58 97 54 45
alexis.guetin@fdr.fr

  This press release can also be fount at: www.fonciere-europe-logistique.fr
                      
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