Membrane-bound metalloprotease which catalyzes the removal of a penultimate prolyl residue from the N-termini of peptides, such as Arg-Pro-Pro. May play a role in the metabolism of the vasodilator bradykinin. Release of any N-terminal amino acid, including proline, that is linked to proline, even from a dipeptide or tripeptide. Inhibited by apstatin and the metal ion chelator EDTA (PubMed:8870669). Potently inhibited by the converting enzyme inhibitors cilazaprilat; enalaprilat; L155,212; ramiprilat and YS 980 (PubMed:1312513). Also inhibited to a lesser extent by indolaprilat; quinaprilat; spiraprilat; captopril and zofenoprilat (PubMed:1312513). Homotrimer. Kidney. N-glycosylated. Belongs to the peptidase M24B family.