08/02/2017 05:15 EDT | Updated 08/02/2017 05:20 EDT

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.