ProLogis Intends to Increase Ownership Stake in ProLogis European Properties

DENVER, February 16, 2010 - ProLogis (NYSE: PLD), a leading global provider of distribution
facilities, announced today that it intends to purchase additional Ordinary
Units carrying voting rights of ProLogis European Properties, a Luxembourg
closed-ended investment fund (Euronext: PEPR), in the open market or in
privately negotiated transactions. ProLogis currently holds approximately
24.8 percent of PEPR's outstanding Ordinary Units.

"In our view, PEPR's unit price does not fully reflect the significant
progress made over the past 14 months to manage through the downturn," said
Walter C. Rakowich, ProLogis chief executive officer. "During this time, we
have worked diligently to strengthen PEPR's financial condition, maintain
PEPR's strong occupancy and optimize the earnings power of its high quality
assets. We will continue to manage PEPR in a way that maximizes value, and we
intend to increase our ownership, as we believe PEPR Units present an
attractive investment opportunity for ProLogis."

At this time, ProLogis does not intend to increase its equity ownership
of PEPR beyond 33.33 percent of Ordinary Units carrying voting rights, a
level which would trigger a mandatory tender offer for the remaining PEPR
Units under Luxembourg law.

About ProLogis

ProLogis is a leading global provider of distribution facilities, with
more than 475 million square feet of industrial space (44 million square
meters) in markets across North America, Europe and Asia. The company leases
its industrial facilities to more than 4,500 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.

About PEPR

PEPR is one of the largest pan-European owners of high quality
distribution and logistics facilities. It was listed on Euronext Amsterdam in
September 2006 and is externally managed by ProLogis Management S.a r.l, a
wholly owned subsidiary of ProLogis.

Investors, Melissa Marsden of ProLogis, +1-303-567-5690, mobile, +1-720-339-7425, mmarsden at prologis.com; or Financial Media, Suzanne Dawson of Linden Alschuler & Kaplan, Inc, +1-212-329-1420, sdawson at lakpr.com, for ProLogis