ProLogis Notifies Investor Group It Plans to Retain Its Stake in ProLogis European Properties (PEPR)

By Prologis, PRNE
Monday, April 11, 2011

DENVER, April 12, 2011 - ProLogis (NYSE: PLD), a leading global provider of distribution
facilities, today announced that it intends to retain its ownership stake in
and management agreement with ProLogis European Properties (Euronext: PEPR),
a publicly traded fund consisting of high-quality distribution and logistics
facilities in Europe. The company is issuing this statement in response to a
joint press release from APG Algemene Pensioen Groep N.V. ("APG") and Goodman
Group (referred to collectively as the "Investor Group"), which related to
and unsolicited letter of interest received by ProLogis on March 31, 2011,
expressing interest in acquiring ProLogis' 33.1 percent ownership interest in
PEPR on behalf of an undisclosed consortium.

The Investor Group's letter of interest included numerous conditions,
including satisfactory completion of due diligence, and placed a value on
ProLogis' stake at euro 378 million, or euro 6 per unit, based on the
approximate mid-point of measures of PEPR's year-end 2010 net asset value.
The letter of interest also indicated that the offer was conditioned upon
ProLogis relinquishing its management agreement to Goodman Group. Despite the
highly contingent nature of the offer and APG's request for secrecy, ProLogis
immediately brought the letter to the attention of the PEPR board in an
effort to insure good governance, transparency and the interest of all PEPR
unit holders.

In its response to the Investor Group's letter of interest, Walter C.
, ProLogis CEO said, "ProLogis has no intent or desire to sell its
interest in PEPR. Additionally we have no intention of selling or
relinquishing the management of PEPR. The value proposition of PEPR has
always been inextricably linked to ProLogis' active ownership and management.
ProLogis provides unparalleled industrial management expertise, as well as a
strong European operation and a global finance organization.

"In addition, ProLogis' significant ownership stake in PEPR ensures that,
as an external manager, our interests are fully aligned with those of PEPR's
unitholders. These advantages benefit all unitholders and they represent some
of the key reasons why unitholders invest in PEPR."

In its response, ProLogis also offered to continue its dialogue with APG
regarding a range of value-enhancing alternatives in a professional and
cooperative fashion with the objective of finding a mutually satisfactory way
forward that will serve the interests of all PEPR unitholders. "APG had
acknowledged in related discussions that it intended to use the timing of our
pending merger to exert undo influence, and we regret that APG and Goodman
have elected to pursue this matter in the media," Rakowich added.

ProLogis said the expression of interest from the Investor Group and the
subsequent response by ProLogis are not expected to have any impact on the
proposed merger of equals between ProLogis and AMB Property Corporation

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

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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.

Additional Information about the Proposed Transaction and Where to Find

In connection with the proposed transaction, AMB Property Corporation
("AMB") has filed with the SEC a preliminary registration statement on Form
S-4 that includes a preliminary joint proxy statement of ProLogis and AMB
that also constitutes a prospectus of AMB. ProLogis and AMB also plan to file
other relevant documents with the SEC regarding the proposed transaction. The
registration statement has not been declared effective by the SEC, and the
definitive joint proxy statement/prospectus is not currently available.
WILL CONTAIN IMPORTANT INFORMATION. You may obtain a free copy of the
preliminary joint proxy statement/prospectus and other relevant documents
filed by ProLogis and AMB with the SEC including the definitive joint proxy
statement/prospectus, if and when it becomes available at the SEC's website
at Copies of the documents filed by ProLogis and AMB with the
SEC are available free of charge on ProLogis' website at or
by contacting ProLogis Investor Relations at +1-303-567-5690. Copies of the
documents filed by AMB with the SEC will be available free of charge on AMB's
website at or by contacting AMB Investor Relations at

AMB and ProLogis and their respective directors and executive officers
and other members of management and employees may be deemed to be
participants in the solicitation of proxies in respect of the proposed
transaction. You can find information about ProLogis' executive officers and
directors in ProLogis' Annual Report on Form 10K filed on February 28, 2011,
as amended on Form 10K/A filed with the SEC on March 28, 2011 and definitive
proxy statement filed with the SEC on March 30, 2010. You can find
information about AMB's executive officers and directors in AMB's Annual
Report on Form 10K filed with the SEC on February 18, 2011, as amended on
Form 10K/A filed with the SEC on March 10, 2011 and the definitive proxy
statement filed with the SEC on March 23, 2010. Additional information
regarding the interests of such potential participants are included in the
joint proxy statement/prospectus and other relevant documents filed with the
SEC as and when they become available. You may obtain free copies of these
documents from AMB or ProLogis using the sources indicated above.

This document shall not constitute an offer to sell or the solicitation
of an offer to buy any securities, nor shall there be any sale of securities
in any jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the securities laws of
any such jurisdiction. No offering of securities shall be made except by
means of a prospectus meeting the requirements of Section 10 of the U.S.
Securities Act of 1933, as amended.

Media, Krista Shepard, +1-303-567-5907, kshepard at, or Investors, Melissa Marsden, +1-303-567-5622, mmarsden at, both of ProLogis; or Charlotte McMullen of M:Communications, +44(0)20-7920-2349, Mobile, +44(0)7921-881-800, mcmullen at, for ProLogis; or Suzanne Dawson of Linden Alschuler & Kaplan, Inc., +1-212-329-1420, mobile, +1-908-242-7162, sdawson at, for ProLogis

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