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.