Prologis and Norges Bank Investment Management Close Euro 2.4 Billion Joint Venture in Europe

 Prologis and Norges Bank Investment Management Close Euro 2.4 Billion Joint
                              Venture in Europe

  PR Newswire

  SAN FRANCISCO, March 19, 2013

- Venture Acquires 49 Million Square Foot (4.5 Million Square Meter) Portfolio
with 195 Class-A Properties

SAN FRANCISCO, March 19, 2013 /PRNewswire/ -- Prologis, Inc. (NYSE: PLD), the
leading global owner, operator and developer of industrial real estate, today
announced the closing of Prologis European Logistics Partners Sarl (PELP), a
€2.4 billion ($3.1 billion) joint venture with Norges Bank Investment
Management (NBIM), manager of the Norwegian Government Pension Fund Global.

The venture acquired a stabilized portfolio of 49 million square feet (4.5
million square meters) comprising 195 Class-A logistics facilities wholly
owned by Prologis. PELP is structured as a 50 / 50 partnership with an equity
commitment of €2.4 billion ($3.1 billion), which includes a €1.2 billion
($1.55 billion) co-investment by both NBIM and Prologis.

"Our partnership with Norges Bank is built upon a mutual, long-term investment
perspective which is measured in decades," said Hamid R. Moghadam, chairman
and CEO, Prologis. "This venture underscores the strengthening of Europe's
industrial real estate market and the investment potential of our high-quality
portfolio."

The venture may grow through acquiring strategic portfolios in target markets
and, where appropriate, properties that complement the existing asset base .
The venture has an initial term of 15 years, which may be extended for
additional 15-year periods. Prologis will have the ability to reduce its
ownership to 20 percent following the second anniversary of closing.

About Prologis Prologis, Inc. is the leading owner, operator and developer of
industrial real estate, focused on global and regional markets across the
Americas, Europe and Asia. As of Dec. 31, 2012, Prologis owned or had
investments in, on a consolidated basis or through unconsolidated joint
ventures, properties and development projects expected to total approximately
554 million square feet (51.5 million square meters) in 21 countries. The
company leases modern distribution facilities to more than 4,500 customers,
including manufacturers, retailers, transportation companies, third-party
logistics providers and other enterprises.

The statements in this release that are not historical facts are
forward-looking statements within the meaning of Section 27A of the Securities
Act of 1933, as amended, and Section 21E of the Securities Exchange Act of
1934, as amended. These forward-looking statements are based on current
expectations, estimates and projections about the industry and markets in
which Prologis operates, management's beliefs and assumptions made by
management. Such statements involve uncertainties that could significantly
impact Prologis' financial results. Words such as "expects," "anticipates,"
"intends," "plans," "believes," "seeks," "estimates," variations of such words
and similar expressions are intended to identify such forward-looking
statements, which generally are not historical in nature. All statements that
address operating performance, events or developments that we expect or
anticipate will occur in the future — including statements relating to rent
and occupancy growth, development activity and changes in sales or
contribution volume of properties, disposition activity, general conditions in
the geographic areas where we operate, our debt and financial position, our
ability to form new co-investment ventures and the availability of capital in
existing or new co-investment ventures — are forward-looking statements. These
statements are not guarantees of future performance and involve certain risks,
uncertainties and assumptions that are difficult to predict. Although we
believe the expectations reflected in any forward-looking statements are based
on reasonable assumptions, we can give no assurance that our expectations will
be attained and therefore, actual outcomes and results may differ materially
from what is expressed or forecasted in such forward-looking statements. Some
of the factors that may affect outcomes and results include, but are not
limited to: (i) national, international, regional and local economic climates,
(ii) changes in financial markets, interest rates and foreign currency
exchange rates, (iii) increased or unanticipated competition for our
properties, (iv) risks associated with acquisitions, dispositions and
development of properties, (v) maintenance of real estate investment trust
("REIT") status and tax structuring, (vi) availability of financing and
capital, the levels of debt that we maintain and our credit ratings, (vii)
risks related to our investments in our co-investment ventures and funds,
including our ability to establish new co-investment ventures and funds,
(viii) risks of doing business internationally, including currency risks, (ix)
environmental uncertainties, including risks of natural disasters, and (x)
those additional factors discussed in reports filed with the Securities and
Exchange Commission by Prologis under the heading "Risk Factors." Prologis
undertakes no duty to update any forward-looking statements appearing in this
release.

Website: http://www.prologis.com
Contact: Tracy Ward, +1-415-733-9565, tward@prologis.com, or Atle Erlingsson,
+1-415-733-9495, aerlingsson@prologis.com
 
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