logo
  

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.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Teva Pharmaceuticals USA, Inc. has recalled one lot of platelet-reducing drug Anagrelide in the form of capsules due to dissolution test failure detected during routine stability testing, the U.S. Food and Drug Administration, or FDA, said in a statement. The U.S. Food and Drug Administration said it has taken steps to make available millions of cans of additional infant and specialty formula to U.S. consumers in the coming months. Under the agency's recent increased flexibilities, British nutrition products maker Kendal Nutricare will send about 2 million cans of infant formula under the Kendamil brand initially to U.S. beginning in June. Video streaming giant Netflix Inc. announced the availability of a variety of mobile games. Players can download the games directly from the Netflix mobile app. The new games include Dragon Up (East Side Games), Moonlighter (11 Bit Studios), Townsmen - A Kingdom Rebuilt (HandyGames), and Exploding Kittens - The Game (Exploding Kittens Digital).
RELATED NEWS
Follow RTT