Infratil sells depots

Infrastructure investor Infratil has sold three bus depots in Auckland for $23.1 million, giving it a $4.1 million gain on book value.

The sale of the depots at Wiri, Glenfield and Swanson is to Vantage Group and it will settle in two stages, on May 15 and July 15.

Infratil chief executive Marko Bogoievski said the proceeds would be used to reduce debt.