PR Newswire/Les Echos/
 
                                                                                            25 July 2008

                        Half-yearly results as of 30 June 2008
      Triple net NAV per share: EUR 6.3 / Current cash flow per share: EUR 0.21


In one year of existence, Foncière Europe Logistique has created a real estate 
portfolio of approximately €1.4 billion in logistics, express-delivery 
facilities and light industrial premises. Present today in France and in Germany,
the company is confirming its ambition to be a major player in the sector

Despite a more difficult environment, the company's current cash flow reached €0
.21 per share as at 30 June 2008, in line with the cash flow announced on 31 
December 2007.

The drop in value of the real estate assets is limited to 4% for a portfolio on 
which returns, excluding transfer duties, amount to 7.4%.




Key figures

                                                                30/06/2008
                    Rent in M€                                      48.3
                    Current cash flow in M€                         18.4
                    Current cash flow (€per share)                  0.21
                    Consolidated net earnings in M€                 - 29
                    Triple net NAV (€ per share)                     6.3


The cash flow for the first half of 2008 is in line with the cash flow 
announced on 31 December 2007.

The consolidated Net Earnings primarily include:
- Recurring current cash flow:                           + M€18
- Change in fair value of real estate assets:            - M€67
- Change in fair value of financial instruments:         + M€16


The NAV, transfer duties included, amounts to €7.1 per share.

                                                                            1

A European strategy

Foncière Europe Logistique has the ambition of being a benchmark player in 
Europe providing solutions along the value chain from logistics assets to light 
industrial premises, in order to play a role as consolidator in these sectors.



An organisation aligned with its strategy

Foncière Europe Logistique made the choice to focus during this half-year on 
asset management and on the implementation of an organisation consistent with 
the strategy announced at the time of the company's creation into three 
specific units:
        o A logistics unit
        o A light industrial unit
        o The Garonor Aulnay site

In terms of logistics, with 73% of the assets comprised of Class A assets, 
Foncière Europe Logistique has the ambition of being a benchmark player in 
Europe, in particular through the implementation of partnerships with major 
users.
For light industrial premises, the challenge is to maintain the dynamism of the 
existing sites and to seek new opportunities in cooperation with local 
governments such as the city of Paris.
Lastly, at the Garonor Aulnay site, the challenge is to manage the existing 
site's profitable operation with a transformation made indispensable by 
developments in close-range logistics while taking the utmost advantage of this 
unique location.



Important rental activity in the first half of 2008

Foncière Europe Logistique has concluded or renewed leases representing €11 
million in rent. With an average term of over 4.5 years in logistics, this work 
has permitted the preservation of an average firm term of approximately three 
years in the portfolio.
Rental income reached €48.4 million at 30 June 2008, in line with the yearly 
rent as of 31 December 2007 and despite the court-ordered liquidation of an 
important client.
The portfolio's financial vacancy thus amounts to 7% at the 30 June snapshot, i.
e. approximately 2% above the company's target level.


Finalisation of the first development projects

Foncière Europe Logistique continued with three projects begun in 2007 in 
Dunkerque (22,000 m²), Bollene (30,000 m²) and Chalon sur Saône (11,500 m²). 
The return on construction costs excesses 8%, and these projects are all 
equipped with rental guarantees for a total amount of over €2.7 million. The 
company has also launched the execution of a turnkey rental on behalf of Geodis 
for an express- delivery facility located in Corbas, for which completion and 
the 10 years lease effective date are expected for November 2008.

Over the long term, the future logistics platforms in Bollene and Dunkerque, 
for which the financing is already ensured, will be put under construction hand 
in hand with the lease up of existing warehouses.



                                                                           2

A limited drop in the value of the assets,

The assets of Foncière Europe Logistique were valued at 30 June 2008 at €1,366 
million, excluding transfer duties, a 4% drop over the half-year, deriving from 
logistics assets (-5%); light industrial premises increased slightly (+1.6%).
The portfolio's return, excluding transfer duties, amounts to 7.4%, an increase 
of 30bps for the portfolio overall.


The company's financial structure

The net debt at 30 June 2008 amounts to €807 million, i.e. 59% of the value of 
the assets. Its average maturity is 5.6 years and the average rate amounts to 5.
27%.

The debt-hedging rate is 96%, of which 74% is firm hedges, for an average 
maturity of 7.9 years.

The financing of development projects is provided by confirmed loans.



Outlook

Over the second half of 2008, Foncière Europe Logistique intends to rely on its 
new organisation to continue its work of asset management in order to improve 
the property occupancy rate, prepare development or redevelopment projects and 
making disposals in order to ensure rotation of its assets.

The dividend should be on the order of 80% of the 2008 recurring cash flow.




About Foncière Europe Logistique
Foncière Europe Logistique, 60%-owned by Foncière des Régions, is a listed real 
estate investment company (Société d'Investissements Immobiliers Cotée - SIIC) 
specialising in holding logistical assets and light industrial premises. At 30 
June 2008, Foncière Europe Logistique holds assets valued at EUR 1,366 million, 
with assets located in France and in Germany.
The company's investment policy gives preference to the search for partnerships 
with its user clients, institutional investors and real estate developers.
Foncière Europe Logistique, chaired by Yan Perchet, is managed by Marc Henrion.
Foncière Europe Logistique is listed on Euronext Paris, compartiment B of 
Eurolist (FR0000064305 -
FEL)




Contacts:
Nicolas Ruggieri, Administrative and Financial Manager
Tel.: +33 (0)1 58 97 51 12
nicolas.ruggieri@gfr.fr
This press release can be found at: www.fonciere-europe-logistique.fr

                                                                              3

?

                         
The content and accuracy of news releases published on this site and/or 
distributed by PR Newswire or its partners are the sole responsibility of the 
originating company or organisation. Whilst every effort is made to ensure the 
accuracy of our services, such releases are not actively monitored or reviewed 
by PR Newswire or its partners and under no circumstances shall PR Newswire or 
its partners be liable for any loss or damage resulting from the use of such 
information. All information should be checked prior to publication.