This press release is not an offer of securities for sale, or the solicitation of an offer to buy securities, in the United States or elsewhere. The securities mentioned in this press release have not been and will not be registered pursuant to the US Securities Act of 1933, as amended. They cannot be offered or sold in the United States absent registration or an exemption from registration. No public offer of the securities has been or will be made in the United States or elsewhere.

News release

ProLogis European Properties results for the quarter and nine months ended 30 September 2009

Resilient financial and operational performance and significant progress on refinancing initiatives

Luxembourg - 22 October 2009 - ProLogis European Properties (Euronext: PEPR), Europe's largest owner of modern distribution facilities, today reports results for the quarter and nine months ended 30 September 2009.

Highlights

* 44% of n1.3 billion debt maturities due in 2009/2010 refinanced or repaid

* n226 million of secured bank loans completed during the quarter * n48 million new five-year secured bank loan completed, post quarter end

* Continued high portfolio occupancy of 96.3% at 30 September

* 80% customer retention rate for nine months to 30 September

* n27.5 million of distributable cash flow generated in Q3, in line with management guidance * Further n22.2 million received from portfolio disposal agreed in Q2 2009 * Negotiations in progress with regard to over n600 million of new secured debt financings * Evaluating further capital raising options as part of overall deleveraging plan

Quarter to 30 September 2009 Nine months to 30 September 2009 * EPRA earnings(1) decreased to * EPRA earnings(1) per unit n0.14 per unit (Q3 2008: decreased 11.4% to n0.46 (2008: n0.16 per unit), due to the n0.52 per unit), due to the elimination of associate elimination of associate losses losses and inclusion of and inclusion of associate associate dividends in 2008 dividends in 2008 * IFRS earnings of n0.14 per * IFRS loss of n1.11 per unit for unit (Q3 2008: n0.09 per the period (9M 2008 loss: n0.01 unit), largely due to the per unit), due to portfolio share of IFRS losses of an devaluations and losses on associate and deferred tax asset sales charges recorded in 2008 * EPRA net asset value([1]) per * EPRA net asset value(1) per unit of n6.82, a slight unit decreased 15%, to n6.82 increase compared to 30 June over the period (2008: n8.02 2009 (n6.74 per unit) due to per unit) as a result of retained earnings for the portfolio devaluations and period asset sales

Quarter to 30 September 2009 Nine months to 30 September 2009 * IFRS net asset value per unit * IFRS net asset value per unit of n6.48 (Q2 2009: n6.40 per of n6.48 (2008: n7.38 per unit) unit) * 23 lease transactions * 57 lease transactions covering covering 217,800m2, 615,800m2, compared to 60 maintaining high portfolio transactions covering 479,400m2 occupancy in 9M 2008

Commenting on the results, Peter Cassells, chief executive officer of PEPR, said:

"Our financial and operational performance for the first nine months of 2009 remained resilient during the continued challenging market conditions, demonstrating our unrelenting focus on portfolio occupancy and active asset management. Both our own portfolio management activities and general logistics market trends have been in line with our guidance for the year, and we remain well placed to continue to generate strong levels of income.

"Aside from maintaining portfolio performance through the downturn in the market, our immediate focus remains on deleveraging our balance sheet, by reducing or refinancing near-term debt maturities, and improving our future financial flexibility. To that end, I am pleased to report that we have successfully completed approximately n274 million of new or extended secured debt packages to date, sold n190 million of assets and repaid approximately n459 million of debt outstanding at the end of 2008.

"2009 continues to be a testing time for the European commercial property sector. As such, in addition to our debt refinancing initiatives, we are continuing to review capital raising alternatives to provide PEPR with additional financial flexibility. The plans currently being evaluated include a possible offering of fully underwritten convertible preferred units to existing unitholders and a conversion to a SICAF structure, which would enable us to raise equity at a discount to net asset value. We intend to adopt the plan that will be most beneficial to our investors and expect to announce the plan later in the fourth quarter, once we have received the appropriate approvals."

Guidance

Management has maintained their guidance for 2009, with EPRA earnings expected to be between n0.55 and n0.60 per unit for the year. IFRS losses are expected to be in the range of n1.50 to n1.70 per unit and distributable cash flow anticipated to be between n0.55 and n0.60 per unit.

The terms of PEPR's unsecured credit facility, as amended in December 2008, prohibit cash distributions whilst PEPR remains below certain financial thresholds. Accordingly, PEPR intends to use this cash to pay down debt.

Deleveraging initiatives

In December 2008 PEPR outlined a series of initiatives to delever the balance sheet and address 2009 and 2010 debt maturities. The plan included the suspension of dividends and the use of asset sales proceeds to reduce outstanding debt, the raising of new secured debt to substantially refinance the 2010 Commercial Mortgage Backed Securities ("CMBS") maturities and requesting a maturity extension for a portion of the 2010 tranches of the n900 million unsecured credit facility.

During the first nine months of 2009, PEPR has repaid or refinanced approximately n585.5 million, or 44%, of the n1.3 billion of debt due to mature in 2009 and 2010.

In the third quarter, PEPR completed the three-year extension, to March 2013, for n126.0 million of the n151.1 million secured bank loan that was due to mature in March 2010 and finalised a new GBP86.1 million (n100 million) four-year secured bank loan with Eurohypo AG. PEPR also received a further n22.2 million of net proceeds relating to the agreed Dutch and German portfolio disposal taking total net proceeds from that disposal to n114.5 million. The remaining n3 million of net proceeds are held in escrow and are expected to be received during the fourth quarter as certain agreed closing conditions are met.

In October, post quarter end, PEPR entered into a new n48 million five-year secured bank loan, split into two tranches - one of SEK 332.5 million (approximately n32.5 million) and another of n15.5 million - with a German landesbank. The loan is secured on a portfolio of four prime Swedish distribution facilities and represents the first secured financing by PEPR in Sweden. It will mature in October 2014 and has a blended fixed interest rate of 5.69%.

In addition, PEPR is currently in active discussions with a number of lenders with regard to six other secured finance packages representing over n600 million of commitments. Good progress has been made on all packages during the quarter and PEPR is focused on closing these expediently to eliminate outstanding 2010 maturities. To assist in the closing of these packages, PEPR intends to repay a significant portion of the remaining CMBS debt in the fourth quarter, releasing the associated secured assets into the unsecured pool.

PEPR's banking group has agreed to relax the tangible net worth covenant in its n900 million unsecured credit facility and remove the current restriction on PEPR's ability to make dividend payments, provided PEPR raises n200 million of equity. Given the current review of alternative capital raising options, PEPR is revisiting these amendments with its banking group.

An incremental equity raise remains likely, providing PEPR with an additional source of liquidity to add to the significant progress already achieved on its deleveraging initiatives.

Under a fonds commun de placement ('FCP') structure, PEPR is restricted from raising equity at a price below net asset value ('NAV'). During the third quarter PEPR convened an Extraordinary General Meeting ('EGM') to enable unitholders to vote on the conversion of PEPR's legal form from the current FCP to a Societe d'Investissement a Capital Fixe ('SICAF'). This conversion would improve PEPR's financial flexibility by enabling it to issue new equity at a price below NAV. In addition, the proposed conversion was also to be used as an opportunity to improve and modernise PEPR's corporate governance.

On 28 September 2009, PEPR postponed the convened EGM following objections raised by a minority of unitholders. Whilst the proxies received for the proposed conversion indicated an overwhelming level of support for the conversion, PEPR felt it prudent to hold further discussions with investors to better understand their objections and also to re-evaluate alternative capital raising options in light of the rapid improvement in both the equity and debt capital markets since the conversion was initiated.

As such, PEPR's management and advisors are currently finalising alternatives for review by the PEPR Board and approval by the Luxembourg financial supervisory authority. These plans include the possible offering of fully underwritten convertible preferred units to existing unitholders which would be executed in multiple tranches. Such an offering would be issued at PEPR's latest NAV with an appropriately sized coupon to compensate investors for the current unit price discount to NAV. To facilitate a potential offering of up to n60 million before the year end, PEPR is currently preparing a draft prospectus which will incorporate a full portfolio valuation review as at 30 September 2009.

PEPR has not ruled out a potential conversion to a SICAF with a subsequent equity issuance at a price below NAV, if required. The management team and PEPR Board intend to adopt the plan that will be most beneficial to investors.

Regardless of which route is taken, PEPR remains fully committed to good corporate governance and confirms its intention to implement the suggested corporate governance enhancements under the recently proposed SICAF conversion at PEPR's next scheduled general meeting.

Portfolio performance

PEPR's customer base remained resilient during the third quarter despite the continued economic downturn. ProLogis (NYSE: PLD), PEPR's external manager, has maintained strong leasing momentum during the third quarter, with 23 lease transactions covering 217,800 square metres being completed. 16 leases, covering 141,300 square metres, were renewed with existing customers such as Design Sportwears, DHL, Geodis and Schenker. In addition, six new leases were agreed, for a total of 73,500 square metres, and one lease was extended adding 3,000 square metres of space to an existing customers' supply chain.

These transactions resulted in a weighted average rental decline of 6.5% over the prior rental level and an average of 4.6 years to lease break, or 6.5 years to lease expiry. These are encouraging signs given overall rental declines of between 5-10% across the markets and occupier demand for shorter leases during these turbulent times. Given indexation increases on the remainder of the assets, the impact on rental income across the whole portfolio is broadly flat on a like-for-like basis.

Of the 50 lease breaks and expiries in the first nine months of 2009, covering 417,200 square metres, only fifteen possible breaks or expiries, or 84,400 square metres, resulted in vacancies implying a customer retention rate of 80%. Of this, 53,900 square metres, or n3.1 million of rental income remains vacant.

Furthermore, of the 28 lease breaks or expiries due in the fourth quarter, covering 284,100 square metres, the known retention rate is 67% based on agreements already concluded with occupiers. The potential retention rate for the final quarter could increase to 74%, assuming all customers that have not informed PEPR of their intentions decide to remain at the upcoming lease break or expiry.

Whilst there were no further customer defaults in the third quarter, PEPR has a small number of customers on its current watchlist and anticipates that some 40,000 square metres of space may be returned in the near term, equal to 0.8% of annualised rental income. Total accounts receivable from customers has remained flat at n65.0 million, compared to September 2008. Within this, over 60 days accounts receivable has increased over the previous quarter from n2.7 million to n3.1 million. However, PEPR has a n2.1 million provision for bad and doubtful debts as at the end of September 2009.

In addition, PEPR anticipates generating additional income through the rental of 180,000 square metres of roof space in Spain to Recurrent Energy, a distributed power company and a leading provider of solar energy. ProLogis, through its recently formed 'Global Renewable Energy Group', will project manage the installation of a new, 4.8-megawatt solar project on eight of PEPR's rooftops at ProLogis Park Sant Boi in Barcelona and ProLogis Park Alcala in Madrid. Recurrent Energy, the owner and operator of the system, will use the roof space to host the solar installation, and will sell the energy produced to the local utility company through a feed-in tariff. PEPR intends to extend this model across the portfolio where feasible.

At the end of September 2009, the portfolio comprised 232 distribution facilities, covering 4.9 million square metres across 11 European countries with an estimated net market value of n3.0 billion. The portfolio risk profile remains attractive, with occupancy at an industry-leading 96.3%, a diversified customer base, and on average 3.4 years to next lease break or 5.5 years to lease expiry. An overview of the portfolio is provided on page 22.

Market outlook

The pan-European economy appears to be reaching the bottom of the slump, although recovery in the real estate markets is expected to lag the economic recovery. Occupancy rates, rental levels and property values have all fallen during 2009.

Investment demand remains limited, with transaction volumes running at less than half the levels of the corresponding period last year. As such there are too few transactions to gauge property valuation movements with a high degree of precision, although property values in the UK have shown distinct signs of improvement with yields compressing since Q2 2009. Yields in Northern Europe appear to be stabilising. However, Southern and Central Europe values are still declining, albeit at a slower pace.

Occupier demand for distribution space remains weak, with pan-European market occupancy estimated to have fallen some 270 basis points since mid 2008. However, leasing market conditions vary widely and in general demand has continued to grow at a subdued pace, particularly in Northern and Southern Europe. Lease terms are becoming increasingly favourable to occupiers, resulting in continued pressure on rental levels, particularly in areas with competing space.

In this environment, PEPR's high-quality pan-European portfolio which is leased to a diverse customer base, and proactive asset management has enabled it to maintain its defensive position and to continue to deliver strong operational performance in these challenging markets.

Financial results

Earnings

IFRS earnings for the third quarter of n26.1 million increased substantially compared to earnings of n17.1 million for the same period in 2008, primarily due to the n6.1 million loss on share of an associate recorded in 2008 and a deferred income tax charge of n3.1 million in Q3 2008. Lower third quarter rental income was offset by lower finance expense.

EPRA earnings were n27.5 million for the quarter, or n0.14 per unit, a 10.7% decrease from n30.8 million, or n0.16 per unit, for the same period last year. The reduction is due to the receipt of n4.4 milllion in dividends, and the add back of our n6.1 million share of associate losses from ProLogis European Properties Fund II ('PEPF II') in Q3 2008.

PEPR recorded an IFRS loss of n211.3 million for the nine months to September 2009, compared to a loss of n0.9 million for the nine months of 2008. This decline is predominantly the result of an increase in unrealised portfolio devaluations recorded in 2009 of n307.8 million compared to n113.1 million in the same period in 2008, together with the n42.7 million loss on disposal of investment properties (9M 2008: n1.5 million gain).

Overall, EPRA earnings for the nine months decreased 11.4% to n87.9 million from n99.2 million in 2008, due to the receipt of n9.8 million of dividends and the add back of our n6.2 million share of associate losses in 2008. Excluding these adjustments, underlying earnings for the nine months are ahead of the prior period.

A reconciliation between IFRS and EPRA earnings is shown on page 13.

Total revenue

Third quarter rental and other property income fell by 10.8% to n65.2 million (Q3 2008: n73.1 million), primarily related to the loss of n4.0 million of income from properties disposed of, a n0.7 million fall in UK sourced income when measured in euro, the loss of n0.3 million of rental income from space vacated following customer defaults. In addition, Q3 2008 included a n4.6 million non-recurring adjustment relating to rental income originally agreed when the properties were acquired and ultimately settled in 2008.

Rental and property income for the nine months 2009 fell by 8.8% to n202.1 million (9M 2008: n221.7 million), as a result of a n5.9 million decline in UK sourced income when measured in euro, and the loss of n4.0 million of income from properties sales and the loss of n1.9 million of rental income from the customer defaults. In addition, the nine months of 2008 included a n9.4 million non-recurring adjustment relating to rental income originally agreed when the properties were acquired and ultimately settled in 2008.

Operating expenses

Total operating expenses comprise the cost of operating the portfolio and managing PEPR as a fund.

Cost of rental activities includes ground rents paid, property management fees, the provision for bad debt and other non-recoverable property related expenses, such as property insurance and property tax. During the nine months of 2009 the cost of rental activities decreased to n19.4 million, from n25.1 million in the comparable period, largely as a result of a n2.7 million decrease in property management fees to n11.4 million. These fees are directly correlated to the gross market value of the portfolio which has been impacted by asset sales and negative valuation movements. In addition, PEPR recorded a bad debt expense of n2.8 million in the nine months of 2008, as compared to a corresponding charge of n1.0 million for the same period in 2009.

Fund expenses comprise the non-property related costs associated with our business, including fund management, custodian and professional fees. These expenses declined 17.4%, to n7.6 million, for the nine months of 2009 (9M 2008: n9.2 million), as a result of n1.0 million non-reclaimable VAT expense recorded in 2008 and a n0.9 million decline in fund management fees, from n4.7 million in 2008 to n3.8 million for 2009. These fund management fees are directly correlated to the gross market value of the portfolio.

Profit/(loss) on disposal of investment properties

Net loss on disposal of n42.6 million for the nine months of 2009 relates to the two completed portfolio disposals. The first, nine Dutch and German distribution facilities sold to AEW and the second, the disposal of five UK assets to Harbert.

Property fair value movements

PEPR recorded a net loss of n307.8 million for the nine months of 2009 following its portfolio revaluation as at 30 June 2009. The impact of the independent valuation included n324.9 million of revaluations losses, partially offset by n1.1 million of revaluation gains and n16.0 million reduction in the associated provision for purchasers' costs.

PEPR typically revalues its portfolio as at 30 June and 31 December. As part of its plans to review capital raising alternatives, PEPR is currently undertaking a full portfolio valuation review as at 30 September 2009 which could form part of a draft prospectus linked to a potential equity raise.

Financing

Interest income for the nine months of 2009 decreased substantially from n4.3 million for the same period in 2008 to n2.3 million, driven by the higher level of cash on deposit during 2008 and lower interest rates received in 2009, offset by the receipt of a n1.3 million dividend from PEPF II in Q1 2009.

Finance expense for the period, comprise interest expense, debt amortisation charges and foreign exchange gains/losses.

+----------------------------------------------------------- --------+ | FINANCE EXPENSE | |----------------------------------------------------------- --------| | | |----------------------------------------------------------- --------| | Year ended | | | | Nine months ended | |-------------+---+-------------------+---+----------------- --------| | 31 December | | | | 30 Sept. | | 30 Sept. | | 2008 | | | | 2009 | | 2008 | |-------------+---+-------------------+---+----------+---+-- --------| | n'000 | | | | n'000 | | n'000 | |-------------+---+-------------------+---+----------+---+-- --------| | 108,321 | | Interest expense | | 70,642 | | 80,133 | |-------------+---+-------------------+---+----------+---+-- --------| | | | Amortisation of | | | | | | | | initial borrowing | | | | | | 6,403 | | costs | | 7,445 | | 4,706 | |-------------+---+-------------------+---+----------+---+-- --------| | | | Net foreign | | | | | | | | currency | | | | | | 1,400 | | (gains)/losses | | (27) | | 79 | |-------------+---+-------------------+---+----------+---+-- --------| | 116,124 | | | | 78,060 | | 84,918 | |-------------+---+-------------------+---+----------+---+-- --------| | | | | | | | | +----------------------------------------------------------- --------+

Interest expense for the nine months decreased 11.8%, to n70.6 million, compared to the same period last year, primarily related to the repayment of n434.4 million of CMBS debt (in March and August 2009), partially offset by increased borrowing during 2008 to invest in PEPF II. These 2009 repayments were funded through the retention of distributable cash flow, proceeds from asset sales and new secured financings. In addition, PEPR's weighted average interest rate for the nine months fell to 4.5% from 5.3% for the comparable period last year.

Amortisation charges increased by n2.7 million in the first three-quarters of the year as a result of the early repayment of CMBS debt, the completion of two secured financing packages and fees relating to the tangible net worth covenant amendment in the n900 million unsecured credit facility agreed in December 2008.

Debt structure

PEPR's financing structure utilises a mix of secured and unsecured debt sources. Two-thirds of secured debt within PEPR is in the form of two CMBS issuances, both of which are secured against specific pools of assets with no recourse to the security of the other CMBS or assets elsewhere within the business.

PEPR has to comply with a number of financial debt covenants within its credit facilities. At the end of September 2009, PEPR was in compliance with all covenants.

+----------------------------------------------------------- --------+ | SUMMARY OF FINANCIAL DEBT COVENANTS | |----------------------------------------------------------- --------| | | |----------------------------------------------------------- --------| | | | Limit | | 30 Sept. | | 30 June | | | | | | 2009 | | 2009 | |----------------------+---+-----------+---+----------+---+- --------| | Unsecured debt: | | | | | | | |----------------------+---+-----------+---+----------+---+- --------| | n900m unsecured | | | | | | | | facility | | | | | | | |----------------------+---+-----------+---+----------+---+- --------| | Leverage | | less than | | | | | | | | 60% | | 55% | | 57% | |----------------------+---+-----------+---+----------+---+- --------| | Fixed charge | | a least | | | | | | coverage | | 1.5x | | 2.1x | | 2.0x | |----------------------+---+-----------+---+----------+---+- --------| | Unencumbered | | a least | | | | | | interest coverage | | 1.5x | | 2.0x | | 2.2x | |----------------------+---+-----------+---+----------+---+- --------| | Net Worth (excluding | | at least | | | | | | intangible assets) | | n1.1bn | | n1.3bn | | n1.3bn | |----------------------+---+-----------+---+----------+---+- --------| | Unsecured debt as % | | | | | | | | of unsecured | | less than | | | | | | assets | | 65% | | 57% | | 57% | |----------------------+---+-----------+---+----------+---+- --------| | n500m 2014 Eurobond | | | | | | | |----------------------+---+-----------+---+----------+---+- --------| | Secured debt as % of | | less than | | | | | | total assets | | 40% | | 21% | | 21% | |----------------------+---+-----------+---+----------+---+- --------| | | | | | | | | |----------------------+---+-----------+---+----------+---+- --------| | Fonds commun de | | | | | | | | placement structure: | | | | | | | |----------------------+---+-----------+---+----------+---+- --------| | Loan to value (total | | | | | | | | debt as percentage | | | | | | | | of gross portfolio | | less than | | | | | | value) - see page 14 | | 60%[2] | | 55.7% | | 58.6% | |----------------------+---+-----------+---+----------+---+- --------| | | | | | | | | +----------------------------------------------------------- --------+

In addition to the covenants in the table above, the n500 million Eurobond is redeemable at par if there is both a change of control of PEPR and a subsequent downgrade of PEPR's credit rating to Ba1 or below within 120 days of that change of control. On 19 June 2009, PEPR was downgraded to a Ba1 rating, with negative outlook, by Moody's Investors Service.

The only financial covenant applicable to the CMBS is that income received from the secured assets must exceed interest cost by at least 1.5 times for each quarter. A breach of this ratio does not constitute a default but does require cash trapping within the breached CMBS pool until the breach is remedied. As at 15 July 2009, the most recent reporting date, this ratio was 2.8x for CMBS III and 2.9x for CMBS IV.

Total outstanding debt, excluding transaction costs, as at 30 September 2009 was n1,735.9 million, a 6.4% decrease since end June 2009 (n1,854.6 million), primarily due to the early repayment of n98.6 million of CMBS debt, the repayment of n80.5 million of the revolving portion of the unsecured credit facility and a n25 million reduction in the principal of an existing secured bank loan, offset by a GBP86.1 million new secured bank loan. At the end of the quarter, n300.0 million remains undrawn under the revolving credit facility and PEPR has n105.0 million cash on its Balance Sheet.

PEPR intends to repay a significant portion of the remaining CMBS debt in the fourth quarter, using a combination of cash on the balance sheet, funds from the new five-year secured bank loan and undrawn funds under the revolving credit facility. This repayment will release of the related secured assets into the unsecured pool for use in new financing packages.

The weighted average interest rate for the nine months decreased to 4.5%, compared to 5.3% for the same period in 2008, related to the decrease in European and UK market interest rates during the period. At 30 September 2009, 67.4% of PEPR's debt was at fixed rates of interest, with the remaining floating debt based on EURIBOR or LIBOR with margins varying between 265 to 270 basis points.

An overview of PEPR's outstanding debt is on page 21.

Tax

The overall tax recorded in the Income Statement for the nine months of 2009 is a credit of n39.8 million, comprising current income tax expense of n22.4 million offset by a large deferred tax credit of n62.1 million. This credit results primarily from the portfolio valuation declines, which result in a partial reversal of deferred tax liabilities previously recorded on unrealised revaluation gains.

The current income tax expense of n22.4 million for the period represents a substantial increase over 2008 (n15.9 million). n5.7 million of the increase related to income tax on capital gains generated on the AEW asset sale. Adjusting for this one-off tax expense, the 2009 current income tax expense represents an effective tax rate of 16.8% for the nine months, using EPRA pre-tax earnings as a proxy for taxable income, compared to 13.7% for the same period last year.

Distributable cash flow and distributions

In December 2008, PEPR suspended future dividend payments as part of the business' deleveraging initiatives and as a condition for a debt covenant amendment on PEPR's n900 million unsecured credit facility.

Distributable cash flow of n0.14 per unit, or n27.5 million, for the third quarter will therefore be retained in the business to reduce debt and improve liquidity. Distributable cash flow for the nine months equalled n0.46 per unit, or n88.0 million, in line with Management guidance for 2009.

PEPR intends to revert to paying a dividend as soon as it is prudent to do so and when permitted under the terms of the n900m unsecured credit facility.

ProLogis European Properties Fund II ("PEPF II")

PEPR received a pro-rata distribution of n1.3 million from PEPF II for the first quarter of 2009.

PEPF II is a private equity fund, established by ProLogis, to acquire assets from both ProLogis' development pipeline in Europe and from third-parties. In August 2007, PEPR committed to invest n900 million over a three-year period in PEPF II for a 30% stake.

In December 2008 and February 2009, as part of its strategic derisking initiatives PEPR sold its entire investment and associated future funding obligations in PEPF II. PEPR received cash proceeds of n58.1 million and eliminated future funding obligations of n522 million. As a result of this transaction, PEPR has no stake in PEPF II and no future funding obligations.

Earnings webcast and conference call details:

We invite you to access the live presentation webcast and conference call, held today, Thursday 22 October 2009, at 12 noon CET, by clicking on the link entitled "Third Quarter 2009 Financial Results Webcast" located on the homepage of our website, www.prologis-ep.com.

To participate in the conference call please dial:

Toll free Toll International -- +44 (0)1452 555 566 France 0805 632 056 +33 (0)1 76 74 24 28 Luxembourg 800 27512 -- The Netherlands 0800 023 5091 +31 (0) 20 717 6886 UK 0800 694 0257 +44 (0)844 493 3800 US 1 866 966 9439 --

A replay and transcript of the webcast will be available in the "Presentations & Webcasts" page of the Investor Relations section of the PEPR website, www.prologis-ep.com.

A replay of the conference call will be available from 4pm CET on Thursday 22 October 2009 until Wednesday 4 November 2009. To access the conference call replay please dial one of the following numbers, using passcode 32429008#:

Toll free Toll International -- +44 (0)1452 550 000 UK 0800 953 1533 +44 (0)845 245 5205 US 1 866 247 4222 --

For further information, please contact:

Investor relations Media ProLogis European Properties M:Communications +44 20 7518 8708 +44 20 7153 1523 or 7153 1549 Jennifer van der Eem, Investor Ed Orlebar/Charlotte McMullen Relations orlebar@mcomgroup.com/ jvandereem@prologis.com mcmullen@mcomgroup.com

[1] Based on EPRA (European Public Real Estate Association) Best Practices Policy Recommendations, issued in July 2009 [2] Can be exceeded up to 65% for a maximum of six months

For the full statement, please click on the link below

This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.

SOURCE: ProLogis European Properties