CoStar Group - April 29, 2009
YRC Inc. and USF Reddaway Inc., subsidiaries of YRC Worldwide Inc., continue to shed their ownership in trucking facilities across the country.
The two trucking transportation groups entered into another real estate sales contract with Estes Express Lines to sell and simultaneously lease back more trucking facilities throughout the United States.
The aggregate purchase price for the subject facilities is $32 million and initial annual lease payments would be $2.9 million in total.
The new Estes contracts are in addition to similar deals struck earlier this year for $122 million.
Separately, YRC, USF Holland Inc. and New Penn Motor Express Inc., also each YRC Worldwide subsidiaries agreed to sell and leaseback additional facilities to unidentified investors. The aggregate purchase price is $70 million and initial annual lease payments to be $6.1 million in total.
Both deals include a few facilities that were originally a part of another transaction with a different buyer.
Previously YRC and USF Reddaway also struck a deal to sell and leaseback facilities with NATMI Truck Terminals LLC. That deal was amended so that deals could be struck with the latest buyers. Originally to total $150.4 million, the amended deal will total $127 million, of which $111 million in deals closed in the first quarter of 2009.
The company expects to close on all of the new and remaining deals this quarter.
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