AMP Capital today confirmed it has sold the last asset in the AMP Capital Property Income fund (PIF), the Yass Highway Service Centre, for circa $23 million.
The fund had a ten-year fixed term and at its peak owned 42 properties throughout Australia. In consultation with investors, the properties have been progressively sold and capital returned in an orderly process during the last few years.
AMP Capital Head of Property Funds Management Chris Judd said: “We are pleased to complete PIF’s final transaction and that the fund was able to capitalise on the strong market appetite for quality service centres in good locations.
“This sale marks a significant achievement that has seen the fund deliver what it set out to deliver to investors - providing steady income with capital growth over the investment period."
“Investors have benefited from a consistent and disciplined acquisition strategy, strong asset management and prudent divestment of assets that has delivered a total return in excess of 9 per cent per annum.”
Located on a 5.87 hectare site in southern New South Wales, the Yass Highway Service Centre is a fully leased service facility, which includes a Caltex service station. Additional blue chip tenants include McDonalds and KFC. The property was purchased by an entity managed by Australian property syndicator Fawkner Property Group. The sale was handled by Chris Johnson of MMJ Real Estate and James Wilson of Colliers International.
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