Züblin Immobilière France, the publicly listed French REIT vehicle of Züblin Immobilien Holding AG, announced net income for the financial year 2006-2007 of €9.7 million. Additionally, the company announced the closure of an agreement to acquire an additional office property in Marseille for €14 million.
Züblin Immobilière France, which is 68% owned by the Swiss parent, closed the year with a portfolio of €249.5 million (gross market value) as of 31 March 2007, and a NAV per share of €17.0. This represents a 93% increase compared with 31 March 2006 and is mainly due to the acquisition of buildings in Gennevilliers, Suresnes and Neuilly-sur- Seine. On a like-for-like basis, the value of the portfolio rose 14.6%. The occupancy rate was 100% as of 31 March 2007. Annualised rent was up 57% at 17.3m as of 31 March 2007. The company proposed a dividend of 0.70 per share to its shareholders, an increase of 40% compared to the previous year's dividend.
Acquisition of office property in Marseille
Additionally, the company announced the signature of an agreement with Société de Gestion Immobilière de la Ville de Marseille (Sogima) to acquire an office building of 5,835 m² GLA at 36-40 rue Roger Salengro, Marseille-Euroméditerranée. The building is under construction and is due for completion at end-2007. It will be fully let on completion to an institution. The purchase price is €14 million. This is the company's fourth acquisition since the company's IPO in March 2006.