PR Newswire/Les Echos/
 
                           
 
 
 
 
 
 
 
 
 
 
                                                                                
20 February 2008

                             Full Year Results
 After its first 6 months, Foncière Europe Logistique has put together a
 €1.4 billion portfolio and implemented an active value-creation policy
     NAV TDI per share: €7.4 - Recurring cash flow per share: €0.40

Foncière Europe Logistique, a listed SIIC specialising in the long-term 
ownership of logistics properties
and light industrial premises created in May 2007, has put together since July 
2007, a portfolio valued at
over 1.4 billion euros, 90% of which is located in France and the remaining 10% 
in Germany.
On the basis of a six-month financial period, Foncière Europe Logistique has 
published a consolidated
net result of over €53 million. Net asset value ITD stands at €7.4 per share 
and the current recurring
cash flow per share is €0.40.


2007 BUSINESS REVIEW
Foncière des Régions, GE Real Estate and Morgan Stanley joined together to 
establishing the first
French real estate company specialising in logistics and light industrial 
premises through asset
contributions remunerated in Foncière Europe Logistique shares.
As of 31 December 2007, the company has a portfolio of 49 assets valued at €1.4 
billion and generating
annual rental income of €97 million. 41 of these assets are located in France 
while the remaining eight
are in Germany.
Foncière Europe Logistique aims to invest across the entire value-chain from 
warehouses to light
industrial assets.


Taking the lead on the logistics market


Profitable existing portfolio and prime locations
As of 31 December, the logistics assets comprised 44 warehouses totalling 1.3 
million square metres
valued at €911 million (excluding transfer duties), and generating €62 million 
in annual rental income.
In value terms, 86% of these assets are located in France and the remaining 16% 
in the main logistics
clusters in western Germany.
The client portfolio includes a diversity of over 80 different tenants, the top 
10 accounting for one third of
the rental income
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1

Strong organic growth factors
The logistics portfolio of Foncière Europe Logistique includes 73% of Class A 
assets. Most of these
properties return market-value rents. The growth potential largely lies in 
increasing the occupancy rate
that stood at 92% on 31 December and for which the goal is over 95%.
The remaining 27% of the assets is largely comprised of buildings in urban and 
outer-urban areas.
These assets have high potential for further enhancement.
It is possible to raise the rents by reallocating premise usage: light 
industrial activities or distribution
facilities in particular. The perfect illustration of this is Lyon Corbas, a 
former logistics warehouse that
was demolished and redeveloped as a modern, 15,000 sqm distribution facility.


Development focused on quality and yield: €240 million worth of projects in the
pipeline with a minimum expected yield of 8%
Foncière Europe Logistique has a number of controlled operations in the 
pipeline totalling some 400,000
sqm scheduled for delivery over the coming four years and that will enter the 
NAV along the delivery
schedule.
In 2008, an initial unit of around 80,000 sqm will be delivered at the Dunkirk 
and Bollene sites, and at
the Chalon and Lyon Corbas sites bolstering strategic points along the North-
South axis.
The financing of this pipeline is already secured.


A leading position for light industrial premises in the Paris region

Light industrial premises are offered through a series of five sites, three of 
which are within Paris (Cap
18, Cap 19 and Dorian); the remaining two sites are in the inner north suburb 
of the Paris region (Pantin
and Garonor-Aulnay).
With a total surface area of almost 611,000 sqm, Foncière Europe Logistique is 
the leading light
industrial premises provider in the Paris region and has a client portfolio of 
more than 500 tenants. At
the end of December, these assets were valued at more than €507 million and 
they generate a gross
rental income of €35 million.
There is potential for further development at the Pantin and Garonor sites. An 
extension to the existing
building is possible for 60.000sqm in Pantin.
The main asset of Garonor is the Aulnay-sous-Bois site (188 acres) at the A1-A3 
motorway junction, just
2 miles from Roissy-Charles de Gaulle Airport. In addition to its excellent 
position, it also has high
potential for value creation
.                                                                             2

SOLID SHAREHOLDER STRUCTURE

As of 31 December, it included Foncière des Régions (59.9%), Morgan Stanley (18.
7%), GE Real
Estate France through its subsidiary Sophia (12.5%) and Cardif Assurance Vie (7.
5%).
Foncière Europe Logistique has therefore clearly positioned itself as a 
potential structure for institutional
investors seeking to outsource their logistics assets while retaining indirect 
exposure to the sector.



2007 FINANCIAL REVIEW

These initial results are related to a period of less than six months:

                                                     31/12/2007
Rental income (€m)                                      38.3
Current cash flow (€m)                                  12.2
Current cash flow per share (€)*                        0.40
Consolidated net result (€m)                            53.3




     *Calculated on the average number of shares in 2007
The company's net debt was €825 million at 31 December 2007 at an average rate 
of 5.21%, and
banking margin of between 70 and 75bps. The ratio of net debt to the appraised 
value of assets is 58%.
The debt is 89% covered for the coming seven years, 67% of which at a fixed rate
.
The NAV ITD is €7.4 per share. The triple net NAV is €6.5 per share.




Dividend
The Supervisory Board will put to the Ordinary Annual Meeting of Shareholders 
called for on 14 April
2008, the payment of a dividend of €0.11 per share representing €10m in value 
and 80% of the
company's current recurring cash flow.



OUTLOOK

Foncière Europe Logistique is committed to continuing its growth policy in 
France and Germany through
active partnerships with the end-users, developers and institutional investors.
The current pipeline of operations is already financed and the first deliveries 
will be made throughout the
current financial year. The company intends basing its asset disposal schedule 
on predicted annual
turnover of between 5 and 10%.
The guideline for 2008 is a cash flow up by around 10% and a distribution 
policy of about 80% of the
cash flow
.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
                                                                                
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About Foncière Europe Logistique

Foncière Europe Logistique, owned at 59.9% by Foncière des Régions, is the 
first listed SIIC
specialising in the long-term ownership of logistics properties and light 
industrial premises. As of
December 2007 its portfolio is valued at over 1.4 billion euros and is located 
in France and Germany.
The company's growth strategy focuses on establishing partnerships with end-
users, institutional
investors and real estate developers.

The company is managed by Marc Henrion.
Foncière Europe Logistique is listed on Euronext Paris, Eurolist C compartment
(FR0000064305 - FEL)




Contacts:           Nicolas Ruggieri, Chief Financial Officer
                    Tel. +33 (0)1 58 97 51 12
                    Fax +33 (0)1 58 97 52 01 - nicolas.ruggieri@gfr.fr
Public relations:   Benjamin Perret, Euro RSCG C&O
                    Tel. +33 (0)1 58 47 95 39 - benjamin.perret@eurorscg.fr

                                     www.fonciere-europe-logistique.
fr                              4

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