FirstGroup Sells Three Major Property For Total Gross Proceeds Of $137 Mln

FirstGroup plc (FGROY.PK,FGROF.PK,FGP.L) said that it has sold three major property for total gross proceeds of $137 million or 102 million pounds, as part of its program to rationalize Greyhound's property portfolio.

The largest is the sale of Greyhound's oversized legacy garage and customer terminal facility in the downtown arts district of Los Angeles, California to a subsidiary of Prologis Inc.

As per the agreement finalized and closed Wednesday, Greyhound received net $88 million in cash and will lease back the facility from Prologis for two years. The Los Angeles site had a book value of $11 million as at 30 September 2020.

The other two property disposals announced Thursday are of 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.

FirstGroup said it will use the cash proceeds from the transactions for general corporate purposes.

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