CSR Limited today announced that it has entered into a conditional agreement to sell 38 hectares of industrial land at its Erskine Park site in Western Sydney to The GPT Group for $95 million.  The transaction is subject to CSR obtaining development approval for third stage industrial development of the former quarry site and requires CSR to complete specified civil works.

CSR Managing Director Alec Brennan, said, “We have accelerated development on the Erskine Park site to meet the rapidly growing demand for industrial land in Western Sydney.”

“This sale to The GPT Group is a good deal for our shareholders.  It provides excellent returns for the land taking into account associated delivery risk.”

Following major transactions to BlueScope Steel, Australand Property Group and now The GPT Group, CSR has secured transactions for around 80 hectares of the 100 hectare site.

CSR will continue to work with local and state development authorities to generate further value for the remaining 20 hectares of land capable of development at Erskine Park, subject to regulatory approvals. 

“The Erskine Park development is a good example of CSR Group Property’s focus.  We maximise returns from the sale of industrial sites at the end of their productive life by advancing the sites through various stages of the development cycle.  For the Erskine Park development, this involves obtaining site rezoning and regulatory approvals, as well as managing land rehabilitation and construction of supporting infrastructure,” said Mr Alec Brennan

25 October 2006

Media/analyst enquiries:

Stephen Zadro, CSR Investor Relations

Tel:  +612 9235 8053 / Mob:  0419 476 504

Email:  SZadro@csr.com.au   

www.csr.com.au