ProLogis European Properties calls Extraordinary General Meeting to convert legal structure following regulatory approval
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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