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Exhibit 21.1


SUBSIDIARIES OF


PROLOGIS ET. AL.


|                                                                                       |  |                
|-------------------------------------------------------------------------------------- |  | ---------------
|                                                                                       |  | Jurisdiction of
|Name of Entity                                                                         |  | Organization   
|                                                                                       |  |                
|Entities that engage in real estate operation and
    development:                     |  |                
|ProLogis Development Services Incorporated                                             |  | Delaware       
|ProLogis-DS Mexico Incorporated                                                        |  | Maryland       
|PLDS de Mexico S.A. de C.V.                                                            |  | Mexico         
|ProLogis Mexico Trust                                                                  |  | Maryland       
|ProLogis-Monterrey(1) LLC and ProLogis Monterrey(2) LLC and
    one foreign subsidiary |  | Delaware       
|ProLogis-Monterrey(5) LLC and one foreign subsidiary                                   |  | Delaware       
|ProLogis-Juarez(1) LLC and one foreign subsidiary                                      |  | Delaware       
|ProLogis-Juarez(2) LLC and one foreign subsidiary                                      |  | Delaware       
|ProLogis-Juarez(3) LLC and one foreign subsidiary                                      |  | Delaware       
|ProLogis-Juarez(6) LLC and one foreign subsidiary                                      |  | Delaware       
|ProLogis-Reynosa(1) LLC and one foreign subsidiary                                     |  | Delaware       
|ProLogis-Reynosa(2) LLC and one foreign subsidiary                                     |  | Delaware       
|ProLogis-Reynosa(3) LLC and one foreign subsidiary                                     |  | Delaware       
|ProLogis-Reynosa(6) LLC and one foreign subsidiary                                     |  | Delaware       
|ProLogis-Reynosa(7) LLC and one foreign subsidiary                                     |  | Delaware       
|ProLogis-Reynosa(9) LLC and one foreign subsidiary                                     |  | Delaware       
|ProLogis-Tijuana(6) LLC and one foreign subsidiary                                     |  | Delaware       
|ProLogis Macquarie Florida III LLC                                                     |  | Delaware       
|ProLogis Macquarie Florida IV LLC                                                      |  | Delaware       
|ProLogis Kansas City(1) Incorporated                                                   |  | Delaware       
|ProLogis Mesquite LLC                                                                  |  | Delaware       
|ProLogis Houston Holdings Incorporated                                                 |  | Delaware       
|Meridian Realty Partners, LP                                                           |  | Delaware       
|Meridian-Penn, Incorporated and one subsidiary                                         |  | California     
|MDN/ JSC II Limited Partnership                                                        |  | California     
|ProLogis Limited Partnership I                                                         |  | Delaware       
|ProLogis Limited Partnership II and one subsidiary                                     |  | Delaware       
|ProLogis Limited Partnership III                                                       |  | Delaware       
|ProLogis Limited Partnership IV                                                        |  | Delaware       
|ProLogis-IV, Inc.                                                                      |  | Delaware       
|ProLogis-North Carolina(1) Incorporated                                                |  | Delaware       
|ProLogis-North Carolina(2) Incorporated                                                |  | Maryland       
|ProLogis-North Carolina(3) Incorporated                                                |  | Delaware       
|ProLogis-North Carolina Limited Partnership                                            |  | Delaware       
|ProLogis Billabong Trust                                                               |  | Maryland       
|ProLogis Billabong GP Trust                                                            |  | Delaware       
|ProLogis Billabong I GP LLC                                                            |  | Delaware       
|ProLogis Billabong II GP Trust                                                         |  | Maryland       
|ProLogis Billabong II GP LLC                                                           |  | Delaware       
|ProLogis Billabong III GP Trust                                                        |  | Maryland       



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|                                                                                                                                |  |                
|------------------------------------------------------------------------------------------------------------------------------- |  | ---------------
|                                                                                                                                |  | Jurisdiction of
|Name of Entity                                                                                                                  |  | Organization   
|                                                                                                                                |  |                
|ProLogis Billabong III GP LLC                                                                                                   |  | Delaware       
|ProLogis NAPF I LLC                                                                                                             |  | Delaware       
|ProLogis Fraser GP LLC                                                                                                          |  | Delaware       
|ProLogis Fraser L.P. and twenty-four subsidiaries                                                                               |  | Delaware       
|Palmtree Acquisition Corporation and seventy-eight subsidiaries                                                                 |  | Delaware       
|ProLogis Logistics Services Incorporated and three subsidiaries                                                                 |  | Delaware       
|TCL Holdings S.A. and four foreign subsidiaries                                                                                 |  | Luxembourg     
|CSI/ Frigo LLC                                                                                                                  |  | Delaware       
|International Industrial Investments Incorporated                                                                               |  | Maryland       
|PLD International Incorporated and twenty-four foreign
    subsidiaries                                                         |  | Delaware       
|ProLogis Finance Sarl and six foreign subsidiaries                                                                              |  | Luxembourg     
|ProLogis Developments Holding Sarl and two hundred and fourteen
    foreign subsidiaries                                        |  | Luxembourg     
|ProLogis France Developments Incorporated and fifty-five foreign
    subsidiaries                                               |  | Delaware       
|ProLogis UK Developments Sarl                                                                                                   |  | Luxembourg     
|ProLogis UK Holdings S.A. and one hundred and fourteen foreign
    subsidiaries                                                 |  | Luxembourg     
|ProLogis Russia Incorporated and four foreign subsidiaries                                                                      |  | Delaware       
|ProLogis Canada Incorporated                                                                                                    |  | Delaware       
|ProLogis Canada Development Incorporated and twenty-two foreign
    subsidiaries                                                |  | Delaware       
|ProLogis Japan Incorporated and sixty-five foreign subsidiaries                                                                 |  | Delaware       
|ProLogis Japan Investment(1) Incorporated                                                                                       |  | Delaware       
|ProLogis Japan Investment(2) Incorporated                                                                                       |  | Delaware       
|ProLogis Japan Holdings LLC                                                                                                     |  | Delaware       
|ProLogis Japan Finance Incorporated and one foreign subsidiary                                                                  |  | Delaware       
|ProLogis Korean Development Incorporated and seven foreign
    subsidiaries                                                     |  | Delaware       
|Korea Investments(1) Incorporated                                                                                               |  | Delaware       
|Korea Investments(2) Incorporated                                                                                               |  | Delaware       
|ProLogis Singapore Investments Incorporated and four foreign
    subsidiaries                                                   |  | Delaware       
|ProLogis China Development Incorporated and ownership interests
    of 50% to 100% in fifty-four foreign subsidiaries countries |  | Delaware       
|ProLogis California I LLC (50% ownership)                                                                                       |  | Delaware       
|ProLogis North American Properties Fund I LLC (41.3%
    ownership)                                                             |  | Delaware       
|ProLogis-Macquarie Fund (11.3% ownership)                                                                                       |  | Delaware       
|Allagash Property Trust (20% ownership)                                                                                         |  | Maryland       
|Brazos Property Trust (20% ownership)                                                                                           |  | Maryland       
|Cimmaron Property Trust (20% ownership)                                                                                         |  | Maryland       
|Deerfield Property Trust (20% ownership)                                                                                        |  | Maryland       
|Elkhorn Property Trust (20% ownership)                                                                                          |  | Maryland       
|KPJV LLP (20% ownership)                                                                                                        |  | Delaware       
|ProLogis European Properties Fund (21% ownership)                                                                               |  | Luxembourg     
|PLD/ RECO Japan TMK Property Trust (20% ownership)                                                                              |  | Japan          
|ProLogis Japan Property Trust (20% ownership)                                                                                   |  | Japan          
|New Orleans International Hotel (approximately 16% ownership)                                                                   |  | Louisiana      
|New Orleans Rivercenter (approximately 39% ownership)                                                                           |  | Louisiana      
|International Rivercenter (approximately 25% ownership)                                                                         |  | Louisiana      
|Parkway Company LLC (50% ownership)                                                                                             |  | Delaware       



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##### 



|                                                                               |  |                
|------------------------------------------------------------------------------ |  | ---------------
|                                                                               |  | Jurisdiction of
|Name of Entity                                                                 |  | Organization   
|                                                                               |  |                
|Serrano Associates LLC (50% ownership)                                         |  | Delaware       
|SAMS Venture LLC (50% ownership)                                               |  | Delaware       
|Bergstrom Partners LP (50% ownership)                                          |  | Delaware       
|Torrance Investment Company (approximately 67% ownership)                      |  | Delaware       
|                                                                              
|Entities that engage in providing management services:                         |  |                
|ProLogis Management Incorporated                                               |  | Delaware       
|ProLogis Colorado Management LLC                                               |  | Colorado       
|ProLogis Capital Management Incorporated                                       |  | Delaware       
|Keystone Realty Services Incorporated                                          |  | Pennsylvania   
|ProLogis Macquarie Management LLC                                              |  | Delaware       
|ProLogis de Mexico S.A. de C.V.                                                |  | Mexico         
|ProLogis Canada Management Holding Incorporated and one foreign
    subsidiary |  | Delaware       
|ProLogis Japan Management Incorporated and two foreign
    subsidiaries        |  | Delaware       
|ProLogis China Management Holding Sarl and one foreign subsidiary              |  | Barbados       
|ProLogis Korean Management LLC                                                 |  | Korea          
|ProLogis Services Sarl and one foreign subsidiary                              |  | Luxembourg     
|ProLogis Management Sarl                                                       |  | Luxembourg     
|ProLogis Directorship BV                                                       |  | Netherlands    
|ProLogis Directorship II BV                                                    |  | Netherlands    
|ProLogis Directorship Sarl                                                     |  | Luxembourg     
|ProLogis B.V. and nineteen foreign subsidiaries                                |  | Netherlands    
|ProLogis China Management Holding Sarl and one foreign subsidiary              |  | Barbados       
|Macquarie-ProLogis Management LLC (50% ownership)                              |  | Delaware       
|                                                                              
|Other entities:                                                                |  |                
|Solution Insurance Ltd.                                                        |  | Bermuda