Zublin Immobiliere France has bought two office buildings located in the western business district of Paris for EUR 76 mln. The first property, situated on the Ile de la Jatte, in Neuilly-sur-Seine, provides some 9,115 m[sup]2[/sup] of office space. Its two main tenants are Roche Laboratories and Yves-Saint-Laurent Beaute. The acquisition price comes to EUR 60 mln, for an initial net rental yield of 5.6%.

Zublin Immobiliere France has bought two office buildings located in the western business district of Paris for EUR 76 mln. The first property, situated on the Ile de la Jatte, in Neuilly-sur-Seine, provides some 9,115 m2 of office space. Its two main tenants are Roche Laboratories and Yves-Saint-Laurent Beaute. The acquisition price comes to EUR 60 mln, for an initial net rental yield of 5.6%.

The second acquisition involves a newly-built office of approximately 2,520 m2, located in the Paris suburb of Suresnes. It is fully let to printer maker Lexmark. The value of the building is estimated at EUR 16 mln. The transaction value reflects an initial net rental yield of 5.35%. These two transactions should increase Zublin Immobiliere France's earnings by around EUR 2 mln a year, or EUR 0.38 per share. The company said that it is planning to invest a further EUR 300 mln in France by 2009.

Zublin Immobiliere France is a property company listed as a SIIC, the French equivalent of the real estate investment trusts (REIT). The company invests in commercial properties, and owns six office buildings in Neuilly-sur-Seine, Gennevilliers, Suresnes and Saint-Cloud.