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FirstGroup sells three properties for £102m in effort to downsize Greyhound portfolio
StockMarketWire.com
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FirstGroup said it had sold three major properties for a combined $137 million, or £102 million as the transport company sought to downsize its Greyhound property portfolio.
The company sold its oversized legacy garage and customer terminal facility in the downtown arts district of Los Angeles, California to a subsidiary of Prologis for $88 million net.
The other two property disposals announced were facilities in Denver, Colorado for net proceeds at the end of December of $37 million and in Ottawa, Ontario for net proceeds of $7 million.
In total, all three properties' book value was $24 million as at 30 September 2020, resulting in a total profit on sale for all three transactions of approximately USD100 million, the company said.
'These transactions are a further step in the group's rationalisation of the Greyhound property portfolio for value, reducing the operational footprint by moving operations to intermodal transport hubs or new facilities better tailored to customers' needs,' the company said.
Story provided by StockMarketWire.com
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