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FirstGroup Sells Remaining Legacy Greyhound Property Portfolio For Around $140 Mln

FirstGroup Plc (FGROY.PK,FGROF.PK,FGP.L), a British transport group, said on Tuesday that through its arm FirstGroup Services, Inc. it is selling Greyhound U.S. properties to Twenty Lake Management LLC, an affiliate of Twenty Lake Holdings LLC, for around $140 million.

The transaction is expected to be closed in December.

Graham Sutherland, FirstGroup CEO, 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."

The UK-based company has also completed the sale of a site in Denver for $9 million last month. Some of the proceeds from the sale are being used for further de-risking of the residual Greyhound pensions liabilities.

The total book value of the Greyhound properties sold since the year- end was around $60 million as of March 26. As a result, earnings on sale of circa $90 million are anticipated to be registered for the current fiscal.

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