ProLogis Increases Offer Price for ProLogis European Properties Units to Euro 6.20 Per Unit and Extends Offer Period

By Prologis, PRNE
Thursday, May 5, 2011

DENVER, May 6, 2011 -

           - APG Algemene Pensioen Groep N.V. and an affiliate of the
        Government of Singapore Investment Corporation Pte Ltd Agree to
          Sell Their Units to ProLogis, Raising ProLogis' Ownership to
                          Approximately 60 Percent -

              - Tender Offer Period Extended through May 18, 2011 -


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

ProLogis (NYSE: PLD), the leading global provider of distribution
facilities, today announced that it has agreed to purchase all Ordinary Units
and Convertible Preferred Units of ProLogis European Properties
(Euronext/Amsterdam: PEPR) that are currently held by APG Algemene Pensioen
Groep N.V. and an affiliate of the Government of Singapore Investment
Corporation Pte Ltd at a price of euro 6.20 per Unit in cash. The purchase
will increase ProLogis' ownership of PEPR to approximately 60 percent.
Concurrently, PLD International LLC has decided to increase its Offer Price
for any and all Ordinary Units and Convertible Preferred Units of PEPR that
it or ProLogis do not currently own to euro 6.20 per Unit in cash from its
previous Offer Price of euro 6.10 per Unit. The new Offer Price represents a
24 percent premium over the unaffected closing price on Euronext/Amsterdam of
PEPR Ordinary Units on April 12, 2011. Unitholders who have already tendered
their Units will be paid the higher Offer Price at the closing of the
Acceptance Period. PLD International LLC has concurrently decided after
consultation with the Commission de Surveillance du Secteur Financier (CSSF)
in Luxembourg and with its consent to extend the Acceptance Period from May
11, 2011
at 6:00 pm CET to May 18, 2011 at 6:00 pm CET.

"At the increased price, two of PEPR's significant investors today have
chosen to sell their units," said Walter C. Rakowich, ProLogis CEO. "ProLogis
remains committed to its European platform and strongly believes the
successful completion of its tender offer is in the best interests of both
PEPR and ProLogis investors and provides all PEPR unitholders with
substantial, certain and immediate value."

ProLogis' Tender Offer commenced on April 22, 2011, and the Acceptance
Period will end on May 18, 2011 at 6:00 pm CET. The Offer may be subject to
extension in accordance with applicable law. At the close of the Offer
Period, ProLogis has no obligation to launch a further tender offer. The
Offer Document (the "TOD") published by PLD International LLC, a wholly owned
subsidiary of PLD, was approved on April 20, 2011 by the CSSF in Luxembourg
and notification provided to the AFM in the Netherlands. A Supplement to the
TOD reflecting the above changes to the terms of the mandatory tender offer
bid of PLD International LLC (the "Supplement") has been submitted to the
CSSF for approval. Once approved by the CSSF, the Supplement will be notified
to the AFM in the Netherlands and made 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: It is also available for
consultation on the following website:

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 TOD and the Supplement.

The start of the offer period was announced in the Luxembourg press
(Luxemburger Wort) and the Dutch press (Het Financieele Dagblad and Officiele
Prijscourant) on April 22, 2011.

The final results of the Offer are expected to be announced on May 18,
. The settlement of the Offer is expected to take place on May 25, 2011.

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

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

will not be displayed