Seven West Media just raised $75 million from a property sale

Chris Pash
By Chris Pash | 13 May 2020

Media group Seven West Media has raised $75 million with the sale of its Osborne Park property in Perth.

The buyer is the Primewest Media Trust, managed by property investors Primewest Management Limited, which is leasing the building back for 15 years. 

This means West Australian Newspapers and TVW7 will continue to occupy the site as their headquarters.

The company told the ASX completion of the sale will take place in about four weeks.

The $75 million, and $40 million raised from the sale of Pacific Magazines to Bauer, is expected to be used to pay down down.

Net debt was last reported at $569.5 million. The current market capitalisatioin is $129.2 million. 

Seven in March withdrew its earnings guidance over the escalating "uncertainty" relating to the COVID-19 pandemic.

The company in February posted half year statutory net loss after tax of $66.35 million in a  "challenging" advertising market.

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