ProLogis European Properties has secured a €264m (£214m) loan from Hypo Real Estate Bank International for the refinancing of a large central European logistics portfolio.

The properties form part of the ProLogis European Properties Fund II. They comprise 34 warehouses totalling 7.5m sq ft in Poland, Czech Republic, Slovakia and Hungary.

The open-ended fund was set up in September 2007 as a private equity vehicle to buy property from ProLogis’ European development programme.

It is the second European fund to be externally managed by the shed giant.