Legal & General Property has refinanced its Leisure Fund with a £71 mln (EUR 83 mln) facility provided by the Royal Bank of Scotland. The facility runs for five years and incorporates the potential to draw down an additional £40 mln for future investment opportunities.

The new loan sees the cost of debt reduced by 2%.

Formed in 2002, the Leisure Fund has over £250 mln of assets under management, comprising seven prime leisure assets, occupying out of town and edge of town positions across the UK, and one major in-town leisure-based development scheme.

Earlier this year, LGP completed a £42 mln equity raise from existing investors and took the opportunity to extend the Fund's life to 2020, from 2014.

'The combination of the refinancing deal with RBS and the equity raised earlier in the year have together given the Fund a strong platform from which to grow its successful story of market outperformance,' commented fund manager Andrew Ferguson.