CSR Limited (ASX:CSR) today announced the sale of 8.6 hectares of the third tranche of land at Horsley Park, NSW for total proceeds of $84.3 million.
The sale to a North American entity is subject to approval by the Foreign Investment Review Board.
This sale is expected to generate Property EBIT of approximately $48 million and anticipated to be recorded in the financial year ending 31 March 2024.
CSR is currently optimising the operational footprint of the PGH Brick network which includes five PGH operating plants in NSW with over 440 hectares of land in Western Sydney.
As a result of this review, PGH will be closing the current operating plant at Horsley Park in March 2021.
CSR will be supporting the impacted employees to explore redeployment.
CSR has now sold 39 hectares of land at Horsley Park for total proceeds of approximately $285 million.
Shares in CSR Limited (ASX:CSR) are trading 0.9 per cent higher at $4.65.