FirstGroup sells off US legacy greyhound property portfolio for £122m
Transport giant FirstGroup is to sell off almost all of its legacy greyhound property portfolio for £122m.
The train and bus company announced it will sell all but two if its remaining sites in the US to Twenty Lake Management for net proceeds of $140m.
With expected completion in December of this year, it said the aggregate book value of the properties sold since the end of the financial year was more than $60m, meaning a profit on sale of $90m is expected in the current year.
FirstGroup said its remaining exposure to legacy Greyhound assets, including US Government-funded awards from coronavirus economic relief plans, totals almost $60m
The chief executive of the Aberdeen-based firm, Graham Sutherland, said: “The sale of these residual Greyhound properties is another milestone in refocusing FirstGroup on our strong positions in bus and rail in the UK.”
“We look forward to building on our robust platform for growth and shareholder value creation in future.”