Global logistics specialist Prologis has raised a further €450m for its European property fund via a green bond issue.

The Prologis European Logistics Fund (PELF) issued the green eurobond at 0.875% annual interest rate due 2029.

The latest green bond fundraise is PELF’s third issuance. In 2018, the fund issued two green bonds for €300m each, both reaching full allocation.

Prologis said it uses the proceeds of its green bonds to pursue green building certifications, water-saving initiatives, renewable energy projects and reduce overall energy use.

PELF, a €10bn fund, was formed as an open-ended vehicle with the purpose of owning and operating core industrial distribution properties across Europe.