L&G has secured a newly-agreed £400m revolving credit facility from a syndicate of lenders for its Industrial Property Investment Fund (IPIF), an increase from its previous £350m facility.

Firms providing the funding include Lloyds Bank, RBS International and Banco Santander, with the termination date of the facility extended from 2025 to 2028.

It will have the ability to extend the facility to £500m, subject to lender support.

L&G’s IPIF currently has assets under management of around £3bn. It specialises in a diversified selection of multi-let industrial assets, primarily in London and the South East.

“We are pleased to announce the successful refinancing of the fund, which includes up to £150m in additional lending capacity”, said Dinesh Murugesh-Warren, senior corporate finance manager, asset management, at L&G.

“We are dedicated to investing in high quality, well-performing assets, which offer strong returns from increased rental growth as demand in the sector continues to rise,” added Jonathan Holland, senior fund manager of the IPIF , asset management, at L&G.

“Benefitting from the additional flexibility provided by the credit line, the Fund is set to realise its ambitions by continuing to apply a long-term approach to our portfolio formation.”