Infrastructure investor Infratil has sold three bus depots in Auckland for $23.1 million.
The sale price is within the $20m and $25m range signalled and gives Infratil a $4.1m gain on book value.
The sale of the depots at Wiri, Glefield and Swanson is to Vantage Group Ltd and it will settle in two stages, on May 15 and July 15.
New Zealand Bus, an Infratil subsidiary, has 15 year leases in place for the three properties.
Another two depots in the Auckland suburbs of New Lynn and Mt Roskill are to be closed and redeveloped, with the New Lynn depot becoming a bus interchange as part of a planned transport hub.
The proceeds of the sale will be used to reduce debt, said Marko Bogoievski, Infratil's chief executive.