ProLogis to Develop More Than 185,000 Square Meters in the Czech Republic

ProLogis (NYSE: PLD), the world"s largest owner, manager and developer of distribution facilities, announced today that it will significantly expand its industrial platform in the Czech Republic, acquiring more than 48 hectares to support the development of two new master-planned industrial parks totaling more than 185,000 square meters of modern distribution space.

The first park, to be called ProLogis Park Ostrava, is located in the city of Ostrava, less than 10 kilometers south of the Poland border and 50 kilometers west of the Slovak border. The new park is in close proximity to the city ring road, a future highway - the D47, two railway stations and an international airport in Mosnov, less than 15 kilometers away. At full build out, the park will comprise two distribution centers totaling 69,700 square meters, with construction scheduled to begin on the first facility in the second half of 2007.

The second park, to be called ProLogis Park Stenovice, is located in the city of Stenovice, 2 kilometers north of Plzen and less than 80 kilometers from Prague and the German border. The new park is adjacent to the D5 highway, which is the sole motorway connection between Prague and western Germany. At full build-out the park will comprise five buildings totaling more than 116,000 square meters, with the first phase of development scheduled to begin later this year.

"We are pleased to be entering Ostrava and Stenovice/Plzen, two strong regional markets with a thriving industrial base," said Jakub Pelikan, ProLogis Market Officer for the Czech Republic and Slovakia. "Demand from both local and international manufacturers, third party logistics providers and a growing retail sector remains strong, creating solid demand for modern warehouse space, which is currently undersupplied. We are very satisfied with our current pace of growth and look forward to extending our leadership position in the region through the development of these new parks."

As of March 31, 2007, ProLogis" platform in Central Europe totaled more than 2.3 million square meters of industrial space owned, managed or under development, concentrated in key markets in Poland, Hungary, Romania, the Czech Republic and Slovakia.