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.

This press release contains 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 – 07 September 2009 – As signalled in the announcement made on 2 September 2009, ProLogis European Properties (Euronext: PEPR), one of Europe's largest owners of modern distribution facilities, today provides notice to PEPR's unitholders of an Extraordinary General Meeting ('EGM') to vote on a proposal to convert its legal structure from a fonds commun de placement ('FCP') into a société d'investissement à capital fixe ('SICAF'), structured as a société en commandité par actions ('SCA').

The EGM will commence at 09:00 CET on 30 September 2009 in Luxembourg. The Convening Notice of EGM and a letter to investors concerning the proposed conversion, together with a Draft Information Memorandum will be sent to investors. These documents will also be available on the PEPR website, www.prologis-ep.com. The Draft Information Memorandum will be issued in final form following the successful implementation of the proposed conversion.

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

"We are pleased to have received all the necessary regulatory approvals to initiate the proposed conversion process to a SICAF. The change in structure will give PEPR greater financial flexibility to react to any further deterioration in the real estate and credit markets by enabling us to raise equity, if necessary, at a price below net asset value per share."

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For further information, please contact:
ProLogis European Properties
+44 20 7518 8708
Jennifer van der Eem, VP Investor Relations
jvandereem@prologis.com

M:Communications
+44 20 7920 2323 or 7920 2349
Ed Orlebar/Charlotte McMullen
orlebar@mcomgroup.com / mcmullen@mcomgroup.com

Morgan Stanley
+44 20 7425 3009
Richard Stockton
Richard.stockton@morganstanley.com

About ProLogis European Properties

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, PEPR was listed on Euronext Amsterdam.

As at 30 June 2009, PEPR has a portfolio of 232 buildings, covering 4.9 million square metres in 11 European countries, with a market value of €3.0 billion. The portfolio has an occupancy level of 96.9% and an average of 3.6 years to the next lease break or 5.8 years to lease expiry.