Infratil sells more New Zealand assets

The infrastructure investor offloads three New Zealand bus depots as it tries to flatten its debt mountain.

Infratil, the New Zealand infrastructure investor, is selling three New Zealand bus depots in a bid to reduce its NZ$1.2 billion (€51 million; $67 million) debt mound. The announcement follows news two weeks ago that it had sold New Zealand ferry operator Fullers for A$40 million.

Infratil Infrastructure Property-owned New Zealand Bus is selling three 15 year bus depot leases in Auckland to a local transport company, Vantage Group, for NZ$23.1 million in total.

“The proceeds of the sale will be used to reduce debt,” said Infratil’s chief executive Mark Bogoievski.

Infratil made a profit of NZ$4.1 million on the disposal.