21 Apr 2009

Infratil selling assets

8:38 am on 21 April 2009

Infratil has been on an asset selling-spree in a bid to reduce debt and increase earnings.

The infrastruture investor has sold three bus depots in Auckland for $23 million, a price 21% above the company's book value for the assets. They were at Wiri, Glenfield and Swanson.

The company has been reviewing various businesses, and sold Fullers Ferries for $40 million earlier this month.

Infratil says proceeds from the depot sale will also be used to reduce debt.

Property chief executive Peter Coman says Infratil is not considering selling any further properties at this stage, but the company is considering re-developing some of its remaining 10 bus depots.

Infratil's shares closed down 1 cent at $1.57 on Monday.