Postmedia sells Toronto head office for $24 million
Postmedia Network Inc. announced Tuesday that it has sold its Don Mills head office in Toronto for $24 million. The property is home to Postmedia’s corporate headquarters and its newspaper the National Post.
The net proceeds will be used to repay its debt, the company said in a release.
The sale is expected to close on September 28, though it is conditional upon Postmedia finding a suitable new home within 30 days. However, the deal does include a lease-back period of 18-24 months in order for Postmedia to prepare its new accommodations.
The Financial Post reports that though the company did not reveal specifics as to a new location, a note to employees explained that “The new space will be closer to the centre of the city, be more accessible by public transit and better suit the needs of our company in the future.”