ProLogis has secured a RMB5bn (£449m) senior credit facility for its Chinese development programme.

The shed-giant said today it secured the facility with Bank of Communications, one of the oldest state-owned banks in China. ProLogis said the facility was arranged to provide ‘financial flexibility’ for its Chinese property funds.

The facility comes in addition to ProLogis’s existing debt facilities and at a time when debt is hard to source. Jeff Schwartz, chairman and CEO of ProLogis said: ‘This China line of credit will provide significant flexibility for ProLogis as we expand our development activity throughout the country.’

‘We are particularly pleased to have established this source of financing during these turbulent times when access to credit around the globe has become quite challenging.

'Bank Of Communications is China's fifth largest commercial bank, and we look forward to leveraging both its superior financial strength and strong relationships throughout the country as we extend our position in China.’