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Postmedia sells Toronto printing plant for $30.5 million to repay debt
TORONTO – Postmedia Network Inc. has struck a deal to sell a printing plant in Toronto to Rice Group, a commercial and industrial developer, for $30.475 million that will be used to help pay down debt.
The media company (TSX:PNC.A, TSX:PNC.B) acquired the facility in west Toronto as part of its agreement to buy Sun Media’s English-language properties in 2015.
The transaction is expected to close by Aug. 30.
Postmedia says it will enter into a lease for part of the property for up to 10 years.
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