AMP Capital is set to relaunch a $760 million unlisted retail direct property fund previously withdrawn under AXA Australia management, complete with a new strategy and asset sale.

The Wholesale Australian Property Fund (WAPF) has operated for 27 years with an average return of 9.25%.

In September lat year, Financial Standard reported that AXA had launched a withdrawal offer for WAPF and the retail side of the Australian Property Fund. Both funds held a high occupancy rate of 96% with no gearing and a continuous income stream.

AMP Capital is now in the position to re-open WAPF under the management of Chris Judd, AMP Capital head of property funds management

"Property fundamentals remain steady and as we have seen before, direct property as an asset class performs well during uncertain economic times," said Judd.

AMP Capital will host a planned asset sales program to increase liquidity in the fund. WAPF's property portfolio accounts for 85% of assets and is comprised of 17 properties in Australia and New Zealand.

Judd said the fund will retain its strong income focus and low risk orientation.

"We expect the fund will continue as an open ended fund with the aim of delivering reliable income and long term capital growth to investors," Judd said.