ProLogis Updates Ownership and Tender Results for Ordinary Units in 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 12, 2011 - ProLogis (NYSE: PLD), the leading global provider of distribution
facilities, announced today that since the start on April 22, 2011 of its
mandatory tender offer for ProLogis European Properties, a Luxembourg
closed-ended investment fund (Euronext/Amsterdam: PEPR, hereafter "PEPR") it
has received for tender or purchased in the open market 45,843,793 Ordinary
Units carrying voting rights of PEPR. When these tenders have been accepted
and the purchases completed, ProLogis will hold directly or indirectly a
total of 119,957,366 Ordinary Units and 9,332,272 Perpetual Convertible
Preferred Units ("Preferred Units") of PEPR. Based on information published
by PEPR as to the total number of PEPR Ordinary and Preferred Units in issue,
this holding will represent directly or indirectly 63 percent of PEPR's
Ordinary Units corresponding to 63 percent of the voting rights attached to
all PEPR Ordinary Units and 91 percent of PEPR's Preferred Units.

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.

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, a leading global provider of industrial
distribution facilities. In September 2006, ordinary units in PEPR were
listed on the Luxembourg Stock Exchange and Euronext Amsterdam. As at 31
March 2011, PEPR had a portfolio of 232 buildings, covering 4.9 million
square metres in 11 European countries, with an estimated market value of
euro 2.8 billion. The portfolio has an occupancy level of 93.2% and an
average of 3.4 years to the next lease break or 5.3 years to lease expiry.

Media, Krista Shepard, +1-303-567-5907, kshepard at prologis.com, for ProLogis; 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; or Investor Contact, Melissa Marsden, +1-303-567-5622, mmarsden at prologis.com