Rail operator sells Greyhound property portfolio

Public transport giant FirstGroup has sold a portfolio of Greyhound properties for Connecticut-based investor Twenty Lake Holdings for £122m. The 32-strong portfolio comprises all but two of its US Greyhound bus station properties. The sale was first announced in September this year. Proceeds from the sale will be used to help the public transport operator on its journey to decarbonising its fleet of bus and train services. The group said that its legacy Greyhound assets and liabilities would generate around £8m in net cash in FY 2024 and beyond, with £140m realised in FY 2023 after foreign exchange hedging costs. Twenty Lake owns and invests in a wide variety of commercial real estate assets including industrial, office, retail, and multi-use properties. Its portfolio consists of transitional assets, triple-net leased buildings, vacant land and buildings, and stabilized properties. It currently has around 130 properties in 30 states. CBRE advised FirstGroup on the sale. To send feedback, e-mail samantha.mcclary@eg.co.uk or tweet @samanthamcclary or @EGPropertyNews Image © Canadian Press/Shutterstock