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CSR Sells Residential Development

CSR Limited announced that it has entered into an agreement to sell its 606 lot, 47.2 hectare residential development at Narangba, north of Brisbane to Stockland for $25.3 million. The project has been sold on deferred settlement terms with CSR receiving the proceeds by March 2011. “As we previously indicated to the market, this transaction is in line with our strategy to reduce project risk and monetise our property portfolio at the point where we can maximise value to generate good returns for shareholders,” said Rob Sindel, CEO, CSR Building Products. “This transaction provides an immediate profitable return. Meanwhile, we continue to progress a strong medium term residential and industrial development pipeline in our Property business.”