ProLogis Extends Mandatory Public Offer for All the Units of ProLogis European Properties

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF THAT JURISDICTION

DENVER, May 3, 2011 -

                              PLD International LLC
                                4545 Airport Way
                           Denver, Colorado 80239, USA

ProLogis (NYSE: PLD), a REIT organized under Maryland law with
headquarters in Denver, Colorado, USA ("PLD"), announced today the extension
of its mandatory tender offer (the "TOD") for any or all Ordinary Units and
Convertible Preferred Units not owned directly or indirectly by PLD, of
ProLogis European Properties, a Luxembourg registered fonds commun de
placement ("PEPR") having its registered office in the Grand Duchy of
Luxembourg, 34-38, avenue de la Liberte, L-1930 Luxembourg.

On May 3, 2011, the reasoned opinion of PEPR was published relating to
ProLogis' mandatory tender offer described in the TOD published on April 22,
2011. In order to permit all PEPR Unitholders to fully consider PEPR's
reasoned opinion, ProLogis has decided, having consulted the Luxembourg CSSF
and with its consent, to extend the Offer Period from May 6, 2011 at 6:00 pm
CET to May 11, 2011 at 6:00pm CET.

PLD confirms that all other financial terms of the Offer as published on
April 14, 2011 remain unchanged. The final results of the Offer are expected
to be announced on May 11, 2011. The settlement of the Offer is expected to
take place on May 18, 2011.

"We believe ProLogis' unconditional mandatory offer gives PEPR investors
the choice either to realize certain and immediate value through the tender
of their units or to remain investors to realize PEPR's long-term upside
potential. ProLogis is offering liquidity to all unitholders through its
tender offer, but fully intends to continue as a significant owner and
manager of PEPR to create long-term value at PEPR for the benefit of all
unitholders who choose to remain invested," said ProLogis CEO Walter C.
Rakowich.

The Offer Document published by PLD International LLC, a wholly owned
subsidiary of PLD, was approved on April 21, 2011 by the Commission de
Surveillance du Secteur Financier in Luxembourg and notification provided to
the AFM in the Netherlands. The Offer Document is available to the public at
RBS Global Banking (Luxembourg) S.A., 46, avenue J-F Kennedy, L-1855
Luxembourg, Grand Duchy of Luxembourg and at The Royal Bank of Scotland N.V.,
Equity Capital Markets/Corporate Actions, HQ 3130, Gustav Mahlerlaan 10, 1082
PP Amsterdam, The Netherlands, mail: corporate.actions@rbs.com. It is
available for consultation on the following website: www.prologis.com.

The financial intermediaries who have been appointed to assist in
relation to the Offer, and who can be contacted for assistance and who will
accept the Acceptance Forms in relation to the Offer are:

    -- In the Grand-Duchy of Luxembourg: RBS Global Banking (Luxembourg) S.A.
       - Tel: +352-270-330-1
    -- In the Netherlands: The Royal Bank of Scotland N.V. - Tel:
       +31-20-464- 3707(or alternatively toll free number for calls made from
       inside the European Union: 00-800-3882-4743)

Further details on the handling of the Acceptance Forms and the
settlement of the Offer are given in the Offer Document.

About PEPR

ProLogis European Properties, or PEPR, is one of the largest pan-European
owners of high quality distribution and logistics facilities. PEPR was
established in 1999 as a closed-end, real estate investment fund, externally
managed by a subsidiary of ProLogis (NYSE: PLD), a leading global provider of
industrial distribution facilities. In September 2006, PEPR was listed on
Euronext Amsterdam. As at 31 December 2010, PEPR has a portfolio of 232
buildings, covering 4.9 million square metres in 11 European countries, with
a market value of euro 2.8 billion. The portfolio has an occupancy level of
94.5% and an average of 3.4 years to the next lease break or 5.3 years to
lease expiry.

About ProLogis

ProLogis is the leading global provider of distribution facilities, with
more than 435 million square feet of industrial space owned and managed (40
million square meters) in markets across North America, Europe and Asia. The
company leases its industrial facilities to more than 3,800 customers,
including manufacturers, retailers, transportation companies, third-party
logistics providers and other enterprises with large-scale distribution
needs. For additional information about the company, go to
www.prologis.com.

Media, Krista Shepard of ProLogis, +1-303-567-5907, kshepard at prologis.com; or George Hudson of The Maitland Consultancy, +44-(0)-207-379-5151, +44-(0)-759-527-0877 Mobile, Ghudson at maitland.co.uk; or Wim Moerkerk of Smink, Van der Ploeg & Jongsma Financiele Communicatie, +31-20-647-81-81, +31-613-80-76-57 Mobile, wmoerkerk at spj.nl; or Suzanne Dawson of Linden Alschuler & Kaplan, Inc., +1-212-329-1420, +1-908-242-7162 Mobile, sdawson at lakpr.com, all for ProLogis; or Investors, Melissa Marsden of ProLogis, +1-303-567-5622, mmarsden at prologis.com