Transport operator FirstGroup, which sold its US business to EQT Infrastructure last year, has sold almost all of its remaining legacy Greyhound US property portfolio to Twenty Lake Management.

FirstGroup said it has sold all but two of its remaining Greyhound properties to Twenty Lake for net proceeds of $140m.

In addition to the portfolio sale, FirstGroup said it also completed the sale of a site in Denver for net $9m in August, with some of the proceeds being applied in further de-risking of the residual Greyhound pensions liabilities.

Graham Sutherland, FirstGroup’s CEO, said: “The sale of these residual Greyhound properties is another milestone in refocusing FirstGroup on our strong positions in bus and rail in the UK.

“We look forward to building on our robust platform for growth and shareholder value creation in future.”

Following these property sales, FirstGroup’s residual exposure to legacy Greyhound assets comprises deferred consideration, residual real estate in Canada and two sites in the US (both under contract subject to due diligence), and funding awards from the Coronavirus Aid, Relief, and Economic Security Act and American Rescue Plan schemes relating to the period Greyhound was under the group’s ownership, altogether valued at $57m in total, the company said.

To read the latest edition of the latest IPE Real Assets magazine click here.