AMP Capital, an Australian investment management firm, has completed winding up its Property Income Fund with the sale of its last asset- Yass Highway Service Centre- for nearly $23m.
Yass Highway Service Centre is a fully leased service facility, including a Caltex service station, in southern New South Wales.
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It has been bought by an entity managed by Australian property syndicator Fawkner Property Group.
The AMP Capital Property Income Fund had a 10-year fixed term, and owned 42 properties across Australia at its peak period.
AMP Capital head of property funds management Chris Judd said: "We are pleased to complete PIF¹s 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."
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