Real Estate

AMP Capital fund successfully completes final asset sale

By AMP Capital media team

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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Important notes

This article has been prepared to provide general information and does not constitute 'financial advice' for the purposes of the Financial Advisors Act 2008 (Act). An individual investor should, before making any investment decisions, consider the information available in the relevant Product Disclosure Statement and seek professional advice. While every care has been taken in the preparation of this document, AMP Capital Investors (New Zealand) Limited and the AMP Group (together, 'AMP') make no guarantee that the information supplied is accurate, complete or timely and do not make any warranties or representations in respect of results gained from its use. The information is not intended to infer that current or past returns are indicative of future returns. The views expressed are those of the author and do not necessarily reflect those of AMP. These views are subject to change depending on market conditions and other factors.

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