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Infratil Infrastructure Property Sale of Auckland Properties

20 Apr 2009

Infratil Infrastructure Property announces the unconditional sale of three properties to Vantage Group Limited for a gross sale price of $23.1 million, with settlement due in two stages – 15 May and 15 July 2009. The properties in Wiri, Glenfield and Swanson, Auckland, are long term operational bus depots for New Zealand Bus.  New Zealand Bus, an Infratil subsidiary, has 15 year leases in place for the three properties and the sale price reflects a blended yield of approximately 8.6% on current market rentals.  

The sale price is $4.1 million (21.6%) over Infratil’s current book value for these assets.

Marko Bogoievski, CEO of Infratil, noted that these assets had limited short to medium term value appreciation potential given their long term bus depot focus. The sale proceeds will be used to reduce debt.

For further information please contact:

Peter Coman
Chief Executive
Infratil Infrastructure Property Limited

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