Hydrolyzes a wide range of dipeptides including the conversion of leukotriene D4 to leukotriene E4. Hydrolyzes cystinyl-bis-glycine (cys-bis-gly) formed during glutathione degradation. Possesses also beta lactamase activity and hydrolytically inactivates beta-lactam antibiotics. Independently of its dipeptidase activity, acts as an adhesion receptor for neutrophil recruitment from bloodstream into inflamed lungs and liver. an L-aminoacyl-L-amino acid + H2O = 2 an L-alpha-amino acid H2O + leukotriene D4 = glycine + leukotriene E4 2 H2O + L-cystine-bis-glycine = 2 glycine + L-cystine a beta-lactam + H2O = a substituted beta-amino acid glycyldehydrophenylalanine + H2O = 2,3-didehydrophenylalanine + glycine Inhibited by L-penicillamine. Inhibited by cilastatin. Homodimer; disulfide-linked. Brush border membrane. Belongs to the metallo-dependent hydrolases superfamily. Peptidase M19 family.