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: Quote, Profile, Research, Stock Buzz), said on Tuesday that National Australia Bank Ltd (NAB.AX: Quote, Profile, Research, Stock Buzz) 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 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.