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National Post and Toronto Sun newspaper boxes are seen outside the National Post offices at 365 Bloor St East in Toronto in this file photo.Fred Lum/The Globe and Mail

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 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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