2009-12-09 09:31:35 -

London, December , 09, 2009

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 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.

News release

   ProLogis European Properties closes over €92 million in two new
       secured financings and prepays €17 million of CMBS debt

Luxembourg - 9 December 2009 - ProLogis European Properties
(Euronext: PEPR), one of Europe's largest owners of modern
distribution facilities, announced today that it has closed on
approximately €92.8 million of secured financing with two European
banks. Net proceeds will be used to refinance outstanding debt.

The first facility is a £43.0 million (approximately €47.5 million),
three and a quarter year, secured loan with a major French bank, a
new lender for PEPR. The loan has a fixed rate coupon of 5.045%, a
loan-to-value of approximately 50% and is secured by a portfolio of
10 UK assets. The loan will mature in March 2013.

The second facility is a €45.3 million, three-year, secured loan with
a German mortgage bank, that is a repeat lender for PEPR. The loan
has a fixed rate coupon of 4.34%, a loan-to-value of approximately
55% and is secured by a portfolio of six Dutch assets. The loan will
mature in January 2013.

In addition, PEPR is in the process of prepaying a further €17.0
million of its Commercial Mortgage Backed Securities ('CMBS'), due to
mature in May 2010. This prepayment releases approximately €29.5
million of secured assets to be included in new secured debt
packages.

David Doyle, chief financial officer of PEPR said: "We remain
aggressively focused on our 2010 debt maturities. So far this year we
have successfully refinanced or repaid approximately €788 million of
2009 and 2010 debt maturities. Our negotiations with existing and new
lenders for further secured debt financings remain on track.
Successful completion of these negotiations, combined with the
closing of our €61 million preferred equity raise and operational
cash flow should substantially address all outstanding 2010 debt
maturities."

                               -Ends-

For further information, please contact:

Investor relations
ProLogis European Properties
Jennifer van der Eem
+44 207 518 8708
jvandereem@prologis.com

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


About ProLogis European Properties (PEPR)
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
(NYSE: PLD), a leading global provider of industrial distribution
facilities. In September 2006, PEPR was listed on Euronext Amsterdam.

As at 30 September 2009, PEPR has a portfolio of 232 buildings,
covering 4.9 million square metres in 11 European countries, with a
market value of €2.8 billion. The portfolio has an occupancy level of
96.3% and an average of 3.4 years to the next lease break or 5.5
years to lease expiry.

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