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Centex Responds To Land Deal Value

Centex wouldn't comment on Stephen East's estimate that the company got 18 cents on the dollar for the land it sold--an estimate based on his calculation that the land was originally valued around $900 million.

Centex instead is focused on the discount between the current book value of the land ($528m) and the purchase price ($161m). And given that, they consider this is a good deal. I want to give Centex its say from Chairman and CEO Tim Eller:

“These properties were good assets. The strategic rationale made this the right transaction at this time. This sale was designed for a specific purpose at this specific point in time. The discount that’s been noted is a result of making a deliberate business decision involving non-core assets in a bulk sale within our fiscal year. This is a good outcome for Centex considering the broader financial context.”

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