ProLogis to Develop Major New Industrial Park in Japan

- Company Acquiring Land for 1.2-Million-Square Foot Distribution Center at Port of Osaka -

DENVER, March 30 /PRNewswire-FirstCall/ -- ProLogis (NYSE: PLD), the world's largest owner, manager and developer of distribution facilities, announced today that it will build a new, 1.2-million-square-foot (111,500-square-meter) distribution center in Osaka, Japan.

(Photo: http://www.newscom.com/cgi-bin/prnh/20070330/LAF004)

The company has signed an agreement to acquire land for the new park in Osaka's Maishima area, in close proximity to four other ProLogis park sites. Construction of the new facility, to be called ProLogis Parc Osaka III, is scheduled to begin in the first quarter of 2008, with a total expected investment of approximately US$200 million.

ProLogis' existing buildings in Maishima include two operational facilities, both of which opened in the second half of 2006, and two that are currently under development. Combined, the four parks comprise over 3.5 million square feet (325,000 square meters) of leasable distribution space. The two completed warehouses are both fully leased.

"ProLogis has established a leading presence in the Maishima area of Osaka, which is emerging as one of the port's most important submarkets for distribution and logistics," said Mike Yamada, Japan co-president for ProLogis. "Demand for our facilities here has been exceptionally strong, and we expect healthy market conditions to persist for the foreseeable future given the role Osaka plays as one of Japan's primary import-export hubs. We are very pleased to be completing this transaction, and look forward to adding the new park to our overall Japan portfolio."

At December 31, 2006, ProLogis' operating portfolio in Japan comprised 16.6 million square feet (1.5 million square meters) of industrial space, concentrated in the markets of Tokyo, Osaka, Nagoya, Fukuoka, Hiroshima and Sendai. The company had another 5.2 million square feet (483,300 square meters) under development. Major customers in Japan include Askul, Hitachi Transport, Nippon Express, Panasonic, Renown, Sanyo Electric Logistics and Shinkai Group.

About ProLogis

ProLogis is the world's largest owner, manager and developer of distribution facilities, with operations in 80 markets across North America, Europe and Asia. The company has $26.7 billion of assets owned, managed and under development, comprising 422 million square feet (39.2 million square meters) in 2,466 properties as of December 31, 2006. ProLogis' customers include manufacturers, retailers, transportation companies, third-party logistics providers and other enterprises with large-scale distribution needs. Headquartered in Denver, Colorado, ProLogis employs more than 1,250 people worldwide. For additional information about the company, go to www.prologis.com.

SOURCE ProLogis

Released March 30, 2007