Centex sells 8,500 U.S. housing lots for a loss

NEW YORK, March 31 (Reuters) - Centex Corp (CTX.N: Quote, Profile, Research, Stock Buzz), one of the biggest U.S. housing builders, on Monday said its Centex Homes unit sold a portfolio of real estate to a group of investment funds for $455 million, which represents a discount to the properties' $528 million book value.

Dallas-based Centex said it sold 8,500 developed, partly developed and undeveloped lots in 11 states to a joint venture led by RSF Partners Inc and includes funds managed Farallon Capital Management LLC and Greenfield Partners LLC. Most of the properties are in Nevada and California.

Centex said its proceeds include the $161 million purchase price and an anticipated $294 million tax refund.

Centex retains a 5 percent interest in the joint venture and has the right to receive a greater share of distributions if certain financial targets are met.

With the deal, Centex reduced its total supply of owned lots by 10 percent to less than 80,000. (Reporting by Joseph A. Giannone, editing by Leslie Gevirtz)