Postmedia Network Inc. will sell its west-end Toronto printing plant to commercial real estate developer RICE Group for $30.5 million.

Proceeds of the sale will go towards debt repayment, the news publisher said in a news release.

Postmedia acquired the property as part of its $316 million deal to buy Sun Media’s English language publications from Quebecor Inc. in 2015. A key part of that transaction was 35 properties across the country, representing about a million square feet. Postmedia chief executive Paul Godfrey indicated at the time that those properties would likely be sold to pay down debt.

The transaction is expected to close on Aug. 30. Postmedia said it will lease back a portion of the property for up to 10 years.