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 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.