The moves are part of an asset divestment programme by Infratil that is expected to realise between $125 million and $150m in non-core asset sales by the end of this year.
Last week NZ Bus announced it was selling its interest in Auckland-based ferry operator Fullers Ferries for $40m.
Infratil chief executive Marko Bogoievski said asset sales were part of Infratil's capital management and that the company would not need to raise equity, The Dominion Post reported.
The company's plans include turning Wellington's key 26,000sq m depot in Kilbirnie into a residential estate.
Infratil executive Tim Brown said a resource consent application was expected to be filed in the second half of this year.
Three bus depots in Auckland have been put on the market with an expected sale price of between $20m and $25m. The sites would be leased back with NZ Bus continuing to use them.
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.
Infratil's shares closed at $1.48 on Thursday, up from a year low of $1.42 at the start of April.