Financial Post | Jun 26, 2012

Christine Dobby

TORONTO — Postmedia Network Canada Corp. said Tuesday it has agreed to sell its Toronto head office for $24-million, money it will use to pay down its debt.

The property at 1450 Don Mills Rd. is home to the media chain’s corporate headquarters and the National Post.

The sale to property developer Rose and Thistle Group Ltd. is conditional on Postmedia leasing another property within 30 days.

The company did not disclose specific plans for a new location but said in a note to employees Tuesday, “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.”

The agreement, which is expected to close on Sept. 28, includes a lease-back provision allowing the company to stay in the property for 18 to 24 months while it prepares to relocate.

Postmedia owns 10 major dailies across the country, including the National Post.