PR Newswire/Les Echos/

11 February 2010

                              2009 Annual Results
                        Solid results in a difficult context
 
                                                  2009     2008     Change 
                                                                       (%)
Consolidated revenues in EURm                       92.4     97.6     - 5.4%
Consolidated net recurring income in EURm           38.4     40.4     - 5.0%
Consolidated net recurring earnings per share *  EUR0.37    EUR0.45  - 17.8%

* calculated on the average number of shares

Safeguarding rental income by sharply increasing lease durations

Foncière Europe Logistique signed leases for close to 558,000 m2 surface area
including 381,000 m2 of renewals and 177,000 m2 for new tenants. In the
Logistics sector, these leases represent 43% of assets in France and demonstrate
the company's intention to provide greater certainty with regard to future
revenues.
The average residual lease term in Logistics was 3.5 years, against 2.7 at the
end of 2008.

Slight contraction of rents on a like-for-like basis

Rental income for the financial year came to EUR92.2m.

EUR '000s                        2009     2008    Change (%)    Like-for-like 
                                                                  change (%)
Logistics France               49,540    51,397    - 3.6%           - 5.2%
Logistics Germany               8,302    11,530   - 28.0%           - 7.3%
Business parks                 18,260    18,058    + 1.1%           + 1.1%
Garonor Aulnay                 16,066    16,433    - 2.2%           - 1.4%
TOTAL                          92,168    97,418    - 5.4%           - 3.5%

In a difficult context, rents received came to EUR92.2m, down 5.4% from the
previous year. In Germany, the drop in revenue is principally attributable to
termination compensation relating to the asset located in Bingen and recognised
in the accounts at EUR2.3m at 31 December 2008.

On a like-for-like basis, this represented a 3.5% drop, principally attributable
to:
• an increase in vacancies (impact: -EUR2.6m), amounting to 12.3% at 31
  December 2009, against 11% at the end of June 2009, almost entirely linked to
  the expiry of the lease guarantee on two warehouses in Bollène and Dunkirk.
• lease extensions at rents between current rents and market rents (impact:
  -EUR2.7m)
• positive indexation of rents (impact: +EUR2.6m).

The occupancy rate for the portfolio was 87.7% at 31 December 2009.

Net recurring income withstands a difficult economic climate

The commitment to rationalising costs and the reduction of interest expenses
allowed Foncière Europe Logistique to post a net recurring income of EUR38.4m,
a slight fall of 5%.

Net recurring earnings per share for Foncière Europe Logistique, however, slid
more significantly (-17.8%) to EUR0.37 from EUR0.45 at the end of 2008, due to
the increase in share capital in June 2009.

Asset value stabilised in the second half

The value of Foncière Europe Logistique's assets at 31 December 2009 totalled
EUR1 ,140m excluding transfer duties, representing a limited decline of 1.9%
from 30 June 2009, spread between logistics assets (-2.2%), rental activities
(-2.5%), and with the value of Garonor Aulnay remaining stable. The company's
asset value fell by 11.7% year-on-year.

The capitalisation rate rose nearly 100 bps during 2009 and the potential yield
of the portfolio excluding transfer duties was 9.0%.

This change had a negative impact on consolidated net results, which amounted to
-EUR1 1 8.8m.

The triple net NAV excluding financial instruments was EUR3.6 per share, steady
compared to 30 June 2009 (-EUR0. 1 /share).

Reinforced financial structure

Net debt at 31 December 2009 was EUR694m, or 60.6% of asset value, for banking
covenants set at 65%. This debt level was stable compared to 31 December 2008
(60.3%) despite the adjustment in values seen in the year.

This stability is due partly to the EUR50m increase in share capital in June
2009 and partly to disposals realised in the amount of EUR35m.

Average cost of debt was 4.8%, against 5.1% at 31 December 2008. The entire debt
is for bullet repayment in 2014.

The debt is 91 % hedged with an average maturity of 6.2 years.

The ICR was 2.1 at 31 December 2009 against 2.0 the previous year, substantially
up on its banking covenants (1.5).

Strategy and outlook

Given the general market context and the company's determination to reduce its
debt to below 60% of the value of its assets, Foncière Europe Logistique will
not distribute a dividend for the 2009 financial year.

Foncière Europe Logistique anticipates a stable net recurring income in 2010
and now intends to focus on the following lines:

 • Continuous asset management to increase the occupancy rate and safeguard
   future cash- flows by increasing leases duration

• Adapt its assets to future challenges in logistics, in particular at the
  Garonor and Pantin sites :

   o Redevelop Garonor Aulnay, anticipating and capitalising on future
     environmental standards

   o Rehabilitate the Citrail warehouse at Pantin to turn it into an
     exemplary urban logistics site in France.

About Foncière Europe Logistique 
Foncière Europe Logistique, 67.1% owned by Foncière des Régions, is a listed
property investment company under France's SIIC regime (Société
d'Investissements Immobiliers Cotée) and specialises in investment in logistics
and business park facilities. At 31 December 2009, Foncière Europe Logistique
held assets in France and Germany valued at 1.1 billion euros.
The Chairman of the Supervisory Board of Foncière Europe Logistique is Yan
Perchet. Foncière Europe Logistique has been managed by François de La
Rochefoucauld.
Foncière Europe Logistique is listed on Euronext Paris, compartment B
(FR0000064305 - FEL)

Contact:
Alexis Guetin, CFO
Tel: +33 (0)1 58 97 54 45
alexis.guetin@fdr.fr
See this press release at www.fonciere-europe-logistique.fr
                      
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