UPDATE 1-Rubicon Japan says NAB extends loan facility

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SYDNEY, April 1 (Reuters) - Australian property investor Rubicon Japan Trust RJT.AX, owned by troubled investment firm Allco Finance Group Ltd AFG.AX, said on Tuesday that National Australia Bank Ltd (NAB.AX) had agreed to extend a A$60 million ($55 million) loan facility.

NAB would extend the facility to April 30, 2009, on a number of conditions that include Rubicon selling some assets to reduce the facility, the trust said in a statement.

Rubicon Japan shares jumped about 15 percent to A$0.155 on the news, while the broader market .AXJO was down 0.4 percent.

Last month, Rubicon Japan shares had tumbled after it said it might not be able to meet a separate margin call from NAB, though it did subsequently meet that call.

NAB shares were down 2.5 percent at A$29.41.

Rubicon Japan is one of three trusts managed by Rubicon Holdings, which is owned by embattled investment fund Allco.

Allco is one of several high-profile Australian victims of the global credit squeeze, and has been forced to sell off assets as it tries to repay debt. It has lost 95 percent of its value since last May and three of its executive directors have stepped down.

Rubicon Japan said that the net proceeds from the asset sales would be used to reduce the outstanding loans due to NAB, with at least A$10 million to be repaid by September 2008.

It also said that if it fails to get an extension to repay two other loans totalling 5.6 billion yen ($56.1 million) to creditors Credit Suisse (CSGN.VX) and Japan's Shinsei Bank (8303.T) by May, it could default.

Allco bought the 80 percent of Rubicon Holdings it did not already own last October for A$276 million, a price UBS analysts described as lofty considering it was 29 times fiscal 2008 earnings.

Rubicon Japan trust has stakes in 22 Japanese commercial properties with more than 300 tenants. Its holdings are valued at about 115 billion yen, according to its Web site.

The two other Rubicon trusts, Rubicon Europe Trust Group REU.AX and Rubicon America Trust RAT.AX, have won reprieves under margin calls due to Credit Suisse and have renegotiated debt repayments.

The three trusts have total assets of A$5.6 billion, according to the Rubicon Holdings Web site. Allco sold a small stake in each of the three Rubicon property trusts to Australian investment bank Babcock & Brown Ltd BNB.AX last month. ($1=A$1.09) ($1=99.78 Yen) (Reporting by Denny Thomas; editing by Jonathan Standing)