Nippon Prologis REIT Prologis Park Kobe 2. (Photo: Nippon Prologis REIT)Nippon Prologis REIT Prologis Park Kobe 2. (Photo: Nippon Prologis REIT)

Japan's Nippon Prologis REIT has expanded a JPY8 billion (USD 70 million) facility it currently maintains with Sumitomo Mitsui Banking Banking Corporation to JPY20 billion.

The expansion, which has also been extended by one year to February 2018, came into effect on 12 February 2017, the REIT disclosed in a media statement three days after.

Nippon Prologis REIT has described the expansion as one that will enhance its "financial strength and flexibility".

The facility can deployed towards the repayment of debt, acquisition of new properties, or refund of tenant security deposits, the REIT added.

Units of Nippon Prologis REIT are currently listed on the Tokyo Stock Exchange at JPY236,600.

By Ridzwan Rahmat

Ridzwan has been analysing REITs and business trusts since 2008, and personally manages a portfolio comprising mainly of SGX-listed REITs. He founded REITsWeek in 2013.