PR Newswire/Les Echos/

July 20th, 2010

Half-yearly Results for 2010
Progress of the NAV despite a contraction in rents on a like-for-like basis

                                                   H1 2010    Var (%) as 
                                                                at 2009
Assets in EUR million                                  1 157      + 1.5%
NAV per share (excl. financial instruments) in EUR       3.8      + 6.9%
Rents in EUR million                                    43.4      - 3.7%*

* on a like-for-like basis vs H1 2009

A rising NAV sustained by the increase in the value of assets

The assets of Foncière Europe Logistique were valued on June 30th, 2010 at
EUR1,157 million net, i.e. an increase of 1.5% compared with December 31st ,
2009, spread over the logistics assets (+ 2.1%) and light industrial (+ 0.6%),
the Garonor Aulnay value remaining stable.
This increase in value is largely due to lower capitalisation rates over this
first half, the net potential yield of the portfolio emerging at 8.8%.

The triple net NAV excluding financial instruments stood at EUR3.8/share
compared with EUR3.6/share on December 31st , 2009, a 6.9% increase..

A strengthened financial structure

The net debt as at June 30th , 2010 amounted to EUR682 million, i.e. 59% of the
value of the assets for bank covenants fixed at 65%. This level of debt is
falling compared with December 31st , 2009 (60.6%) due to the rise in value of
the assets and the cash position generated by the company's activity.

The average debt rate remains virtually stable at 4.9%, compared with 4.8% on
December 31st , 2009. The entire debt must be repayable in full at the end of
2014.

The debt coverage rate is 92% for an average maturity of 5.7 years.

The ICR was maintained at 2.1 on June 30th , 2010, i.e. at a level well above
that of its bank covenants (1.5).

Contraction of rents on a like-for-like basis

Rental incomes amounted to EUR43.4 million over the first half of 2010:

In thousand Euros             H1 2009   H1 2010   Var (%)  Var on a like-for- 
                                                             like basis (%)
Logistics France               25 396    22 453  - 11.6%        - 5.3%
Logistics Germany               4 171     4 302   + 3.1%        + 5.5%
Light industrial                9 167     9 089   - 0.8%        - 0.9%
Garonor Aulnay                  8 291     7 571   - 8.7%        - 7.0%
TOTAL                          47 024    43 416   - 7.7%        - 3.7%

In a market that is still difficult, the change in rents between June 30th, 2009
and June 30th , 2010 was - EUR3.6 million. This fall was linked to: 
 * a 3.7% fall in rents on a like-for-like basis: - EUR1.6 million
 * transfers in 2009: - EUR1 million
 * the end of rent guarantees activated in 2009: - EUR1 million

The change in rents on a like-for-like basis can mainly be explained by:
 * the continuing protection of rental incomes by reletting at rents between
   current rents and market rents (impact: - EUR1 .4 million)
 * an increase in vacancies (impact: - EUR0.4 million), amounting to 12.7%
   on June 30th , 2010, compared with 11% at the end of June 2009, almost
   entirely associated with the end of rent guarantees covering two warehouses
   located in Bollène and Dunkirk
 * the positive indexing of rents (impact: + EUR0.2 million)

Fall in the recurring net result limited by significant reductions in costs

Involvement in a cost rationalisation process and the fall in interest charges
mean that Foncière Europe Logistique has been able to post a recurring net
result of EUR18 million, i.e. a fall of EUR1 .6 million.

The recurring net result per share of Foncière Europe Logistique has been
falling more significantly (- 23.8%) and stood at EUR0.16, compared with EUR0.21
on June 30th , 2009, due to the increase in capital in June 2009 at
EUR2/share.

Protection of rental incomes through stability in the residual maturity of
leases at 3.3 years

Foncière Europe Logistique has signed leases covering around 284,000m2 in
surface area, 229,000m2 of which are renewals and 55,000m2 of which are new
signings. In the Logistics sector, these signings represent 18% of the assets in
France and demonstrate the company's desire to provide high transparency of its
future results.

As a result of these signings, the average remaining term of leases in the
Logistics portfolio remains stable at 3.3 years.

Strategy and outlooks

Since the logistics market is still difficult at the present time, Foncière
Europe Logistique is expecting a limited fall in its Recurrent Net Result in
2010. However, the company intends to actively continue its development and to
focus henceforth on the following areas:

 * a continuing work on increasing the occupancy rate and the sustainability
   of rental incomes by extending the term of leases,

 * adapting its assets to future logistics challenges and anticipating
   future environmental standards, particularly on the Garanor Aulnay and
   Pantin sites.

About Foncière Europe Logistique 
Foncière Europe Logistique, 67.1% of which is owned by Foncière des Régions,
is a French listed real estate investment trust (SIIC) specialising in holding
logistics assets and business premises. On June 30th, 2010, Foncière Europe
Logistique held assets valued at EUR1 .2 billion, with assets located in France
and Germany.
The supervisory board of Foncière Europe Logistique is chaired by Yan Perchet.
Foncière Europe Logistique is managed by François de La Rochefoucauld.
Foncière Europe Logistique is quoted on Euronext Paris, Compartment B
(FR0000064305 - FEL)

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