Sale of final 12.4 hectares of land at Horsley Park for $124 million

CSR Limited (CSR) today announced the sale of the final 12.4 hectares of land at Horsley Park, NSW for total proceeds of $124 million.  This sale is expected to generate Property earnings before interest and tax (EBIT) of approximately $62 million and is anticipated to be recorded in the financial year ending 31 March 2025 (YEM25).

This sale follows the announcement in October 2020 of the sale of 8.6 hectares of land at Horsley Park for $84 million.

CSR has now sold all available sites at Horsley Park generating proceeds of $408 million.  The total of completed and contracted transactions, delivered over a six year period, is expected to generate EBIT in excess of $230 million from the 52 hectare site.

CSR Managing Director and CEO Julie Coates noted, “Horsley Park is located in a very attractive area within the western Sydney industrial market strategically positioned relative to major transport, power and infrastructure links.  We have delivered transactions across a number of stages to minimise disruption to our PGH Bricks business which operated at the site until April 2021.”

CSR’s Chief Financial Officer and EGM Property David Fallu added, “With contracted transactions now confirmed for all land at Horsley Park, we have secured significant Property earnings to be delivered progressively over the next four years.  Our rehabilitation and reconstruction of the former quarry at the Horsley Park site has progressed, with completion of the next stage of land remaining on track to deliver $18 million of EBIT before the end of CSR’s current financial year on 31 March 2022 (YEM22).” 

Appendix: Completed and contracted transactions at Horsley Park

Update on other Property transactions

^{1 Sale of a site in the southern highlands of NSW will contribute $7 million of Property EBIT in the first half of YEM22}

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