Seven Sells Osborne Park Facility For $75M

Published on: 14th May 2020 at 10:05 AM

Staff Writers

1 Min Read

Seven West Media has sold its Osborne Park facility for $75 million.

As stated on the ASX, the purchaser is a special purpose trust (the Primewest Media Trust) managed by Primewest Management Limited.

West Australian Newspapers (WAN) and TVW7 will continue to occupy the site as their headquarters as the sale is subject to a lease for 15 years.

Completion of the sale will take place in approximately four weeks.

Murmurings of a potential sale were flagged some weeks ago, and the completed sale will take a decent slice of SWM’s significant debt pile, which is around AU$569.5m.

The news follows Seven West Media’s latest TV revenue figures, which saw a decline of almost 20 per cent.

SWM made $186.6 million in ad revenue for the first three months of the calendar year. Revenue for the same time last year was $228.5 million.

TAGGED: Seven West Media

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