April 28, 2011

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, April 28, 2011 /PRNewswire/ -- ProLogis (NYSE: PLD), a 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 8,818 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 74,122,391 Ordinary Units and 7,015,856 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 39 percent of PEPR's Ordinary Units corresponding to 39 percent of the voting rights attached to all PEPR Ordinary Units and 68 percent of PEPR's Preferred Units.  

The financial terms of the ProLogis offer were published on April 14, 2011 and included in a Tender Offer Document published on April 22, 2011. The Offer Price is euro 6.10 per Ordinary Unit, which represents a 22 percent premium over the unaffected closing price on Euronext/Amsterdam of PEPR Ordinary Units on April 12, 2011, a 27 percent premium over the volume weighted average price in the preceding six months, and a 33 percent premium over the volume weighted average price in the preceding 12 months. The offer price for the Preferred Units is euro 6.10 per Unit.

The Offer started on April 22, 2011 and the Acceptance Period will end on May 6, 2011. The Offer may be subject to extension in accordance with applicable law.

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 (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.

SOURCE ProLogis

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