This press release is being issued pursuant to Rule 135c under the US Securities Act of 1933, as amended, and 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.

This press release may contain certain forward-looking statements. These forward-looking statements involve certain risks and uncertainties that could cause actual results to differ materially from those indicated in such forward-looking statements. The company assumes no obligation to update any forward-looking statement contained in this press release.

Luxembourg – 16 November 2009 – ProLogis European Properties (Euronext: PEPR), one of Europe’s largest owners of modern distribution facilities, announced today that it intends to raise €61 million of new equity in the form of fully underwritten perpetual convertible preferred units (“Preferred Units”). PEPR intends to use net proceeds from the offering to reduce outstanding debt and for general corporate purposes.

The Preferred Units will be offered at €5.93 per unit, a price which is equal to the revised net asset value per ordinary unit as at 30 September 2009. Existing ordinary unitholders will be allocated one preferential subscription right (“PSR”) for each ordinary unit held and will be able to subscribe for two Preferred Units in exchange for 37 PSRs during the 30-day subscription period and subsequent payment of the Preferred Unit subscription price. The Preferred Units will initially pay an annual dividend of 10.5%, payable quarterly, which may be deferred for prudent amortisation of debt.

The Preferred Units may be converted into PEPR ordinary units at the discretion of holders at any time and may be redeemed at the issuer’s discretion after seven years or within 24 months if there is a change of legal form of PEPR and if certain conditions are met. Automatic conversion occurs after seven years if certain conditions are met.

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