This facility replaces the existing £150 million facility with RBS, Lloyds TSB Bank plc and ING, with no cancellation fees payable.

The margin on the new facility is 1.75% over LIBOR making both the margin and associated commitment fees significantly lower than on the previous facility (previous margin of 2.30-2.75%, depending on the LTV ratio).

The new facility includes an additional £100 million accordion capability, on which no fees are payable until utilised, providing JLIF the flexibility to target larger transactions should they become available.

In keeping with JLIF's stated strategy, the facility is intended to be used primarily to fund acquisitions and would be repaid through equity issuance. Under its investment policy, JLIF has the ability to raise debt of up to 25% of its total assets, though it should be noted that this debt facility is intended to be additional resource and not structural financing.

Andrew Charlesworth, Investment Adviser to JLIF, said:

"Given current favourable market conditions, JLIF has taken the decision to refinance its revolving credit facility. This opportunity allows JLIF to secure a larger funding facility at materially lower costs providing the Fund with the capacity to move into its next phase of international growth. JLIF is looking forward to continuing the existing relationship that it has with RBS and ING and to developing new long term relationships with HSBC and Commonwealth Bank of Australia.