Legal and General Property (LGP) has completed the successful refinancing of its Leisure Fund, after reaching agreement with Royal Bank of Scotland over a new £71m facility.

The deal will run for a further five years, with an additional £40m facility that can be drawn down for future investment opportunities within the leisure industry.

Established in 2002, the Leisure Fund is held in a Jersey Property Unit Trust and has more than £250m worth of assets under management, including seven prime leisure schemes.

Leisure Fund manager Andrew Ferguson said: "The flexibility and liquidity provided by the new facility reflects our ongoing belief that there is significant value to be found in the leisure sector."