PR Newswire/Les Echos/

Paris, 5 May 2010

Turnover at end-March 2010 down 5.2% based on a like-for-like basis, but
occupancy rate steady at approximately 88%, supported by good leasing activity

Turnover affected by the current market

in millions of EUR       Q1 2009     Q1 2010     Change (%) Change like-for-
                                                                    like (%)
Logistics France        13,356      11,266      -15.6%         -8.1%
Logistics Germany        2,132       2,151       +0.9%         +5.5%
Light Industrial         4,569       4,594       +0.5%         +0.5%
Garonor Aulnay           4,234       3,824       -9.7%         -8.0%
     Total              24,291      21,835      -10.1%         -5.2%

In a still difficult environment, consolidated turnover in the 1st quarter of
2010 totalled EUR21.8 million, down 10.1% from the previous year. Approximately
half of this change may be explained by the disposal of EUR35 million in assets
in 2009, and by the expiration of lease guarantees at Bollène and Dunkerque.

As for the balance, on a like-for-like basis, this decline totalled 5.2%, and
was primarily due to:

 * lease extensions at level of rents comprised between those in place and
   market ones (impact: EUR-1 .0 million),
 * a limited increase in vacancies (impact: EUR-0.3 million), which totalled
   12.3% at 31 March 2010, a stable level versus 31 December 2009
 * the positive indexation in lease payments (impact: EUR+0.1 million).

Sustained leasing activity and securing of company's lease payments

Leasing activity since the second half of 2009 attests to a more active market,
as well as to Foncière Europe Logistique's desire to continue securing its cash
flows over time through numerous lease extensions. The average duration of
leases in Logistics (France and Germany) thus rose from 2.7 years at the start
of 2009 to 3.5 years at 31 March 2010, i.e., a level identical to that of 31
December 2009.

The first quarter saw Foncière Europe Logistique sign new leases for 265,000
m2, including 220,000 m2 of renewals, allowing the company to stabilise its
occupancy rate versus 31 December 2009, at 87.7%.

Prospects

Foncière Europe Logistique's goal is to maintain its net recurring income in
2010 by pursuing asset management focused on increasing the occupancy rate and
securing its cash flows through the lengthening of lease durations.
Moreover, the company's ambition is currently to confirm its position as lead
player in logistics properties by adapting its assets to future logistics
challenges, particularly at the strategic Garonor and Pantin sites:

   o The redevelopment of Garonor Aulnay by anticipating and applying future
     environmental standards,
   o The rehabilitation of the Citrail warehouse at Pantin to make it an
     exemplary urban logistics site in France.

Next financial event

20 July 2010: Publication of H1 2010 results

About Foncière Europe Logistique 
Foncière Europe Logistique, 67.1% of which is held by Foncière des Régions,
is a listed French real estate investment company specialising in holding
logistical assets and engaging in leasing activities. 
As at 31 December 2009, Foncière Europe Logistique held assets valued at EUR1.1
billion, located in France and Germany.
The Foncière Europe Logistique supervisory board is chaired by Yan Perchet. The
company is managed by François de La Rochefoucauld.
Foncière Europe Logistique is listed on Euronext Paris, Compartiment B
(FR0000064305 - FEL)

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

Find this press release at: www.fonciere-europe-logistique.fr
                      
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