ComfortDelGro’s indirect wholly owned subsidiary Metroline West has entered a deal to sell the Alperton Bus Garage in West London, U.K. to Redington Developments (Athlon Road) and acquire another property in West London from the same firm, the transportation group said Tuesday.
Metroline will sell the Alperton Bus Garage, located on Ealing Road, Wembley, for 25 million pounds, or around S$42.5 million, compared with its net book value of 4.7 million pounds as of end-September, ComfortDelGro said in a filing to SGX. The property has a land area of 7,200 square meters, it said.
The divestment followed property consultancy Knight Frank conducting a marketing campaign aimed at “well-funded buyers” looking for residential-led development opportunities, ComfortDelGro said.
At the same time, ComfortDelGro said Metroline entered a deal to purchase a property at units 1-3 Capital Business Centre, Athlon Road, Wembley, West London, from Redington Developments (Athlon Road) for 7 million pounds, or around S$11.9 million.
The Athlon Road property has a land area of around 4,400 square meters, the filing said.
Both the deals are contingent on planning approvals, the filing said.