ProLogis European Properties Fund Acquires 1.7 Million Square Feet (157,000 m2) in Milan

            - Four Facilities are Fully Leased to TNT Logistics -

    MILAN, Italy, Feb. 5 -- ProLogis , a
leading global provider of distribution facilities and services, announced
today that the ProLogis European Properties Fund has acquired four
distribution facilities consisting of 1,718,693 square feet (159,670 m2) in
Milan from a private Italian investor.  The facilities are fully leased
long-term to a division of TNT Logistics, a third-party logistics provider
serving the European automotive industry.
    "ProLogis' growth in Southern Italy has solidified the company's stature
as one of the largest providers of distribution space in a key European
logistics hub," said Ranald Hahn, managing director for ProLogis.  "In 2002,
ProLogis began construction on three build to suit facilities for TNT
Logistics in Milan; we are pleased to be expanding our relationship with them
in this market and throughout Europe."
    The high-quality, modern facilities are located in four different parks,
situated between 5 and 70 kilometres from Milan, providing convenient access
to multiple transportation routes throughout the region.  The facilities
include 133,440 square feet (12,397 m2) of distribution space in Zibido
Distribution Center, 549,035 square feet (51,007 m2) in Seliport Distribution
Center, 474,945 square feet (44,124 m2) in Cortemaggiore Distribution Center
and 561,273 square feet (52,144 m2) in Arena Po Distribution Center.
    TNT Logistics is one of ProLogis' ten largest customers, occupying
distribution facilities owned and managed by ProLogis throughout Europe.  With
this acquisition, TNT Logistics will be leasing 4,551,207 square feet
(422,821 m2) of distribution space from ProLogis.

    About ProLogis
    ProLogis is a leading provider of distribution facilities and services
with 226.6 million square feet (21.0 million square meters) in
1,760 distribution facilities owned, managed and under development in
70 markets in North America, Europe and Japan. ProLogis continues to expand
the industry's first and only global network of distribution facilities with
the objective of building shareholder value.  The company expects to achieve
this through the ProLogis Operating System(R) and its commitment to be 'The
Global Distribution Solution' for its customers, providing exceptional
facilities and services to meet their expansion and reconfiguration needs.