Luxembourg - 7 September 2011 - ProLogis European Properties (Euronext: PEPR), one of Europe's largest owners of modern distribution facilities, announced today that it has completed the offer of €97.5 million of new Ordinary Units, launched on 29 August 2011. PEPR intends to use net proceeds from the offering to reduce outstanding debt.

As a result of the offer, Moody's Investors Service upgraded PEPR's corporate credit rating to Baa3, with stable outlook, from Ba1 positive outlook. The investment grade credit rating will reduce PEPR's annual interest expense by at least €8.6 million and provides improved access to capital markets.

15,724,999 new Ordinary Units were issued at €6.20 per unit, a price which is equal to the recent tender offer price and a 10.1% premium to PEPR's IFRS net asset value per ordinary unit as at 30 June 2011. It is expected that the new Ordinary Units will commence trading on the regulated market of the Luxembourg Stock Exchange and on Euronext Amsterdam from tomorrow, Thursday 8 September.

Following completion of the offer, PEPR has 206,247,440 Ordinary Units in issue.