Züblin Immobilière France has been informed by Roche France that they do not intend to renew the leases in Jatte 3 in January 2011 and in Jatte 1 in July 2011.
This now allows the Company to pursue its planned redevelopment project for the area. Züblin Immobilière France can now seize the opportunity to create first class state of the art green office buildings at Jatte 1 and Jatte 3 which, when combined with the Company's other holdings on the Isle de Jatte, will provide a unique environment for tenants. The Company has sufficient cash resources to redevelop these two properties and expects to deliver the new space in 2012 (Jatte 3) and 2013 (Jatte 1).
The appraisal of the two investment properties carried out by BNP Paribas Real Estate as of 30 September 2009 already considered this eventuality. As a result, there will be no negative impact on the valuation of the two buildings.
Source: Zueblin
