Location, location, location: Hannan family sells Sydney land for $343m

IPMG said it is debt free and better positioned than its competitors after offloading Sydney Corporate Park for $343 million.

The print giant announced in August that it was considering selling the prime Alexandria real estate following Hannanprint's relocation after 28 years at the site.

The sale to property trust Goodman Australia Industrial Fund is equivalent to about nine months of turnover for IPMG, which posted revenues of $450.4 million in its most recent ASIC filing, for 2011-12.

IPMG said the divestment would help it deal with the structural change and rationalisation sweeping through the industry.

[Feature: Hannanprint opens Warwick Farm supersite]

"IPMG is now the best-resourced participant in the print industry to influence that change," according to IPMG.

"The group is debt free, has a strong balance sheet and importantly owns among its property portfolio the freehold of its four significant print facilities from which it operates, including the new Hannanprint facility at Warwick Farm."

IPMG also said the deal "facilitates the process of generational change" for the family-owned group, which was founded in 1887.

"The sale provides the catalyst for fifth-generation family members already working in the business, as well as those still to join the business, to be able to influence the direction of the group in the future."

"Using our significant resources we will also continue to develop our investments in digital marketing services and the printing industry."

The group also said it would continue to be a significant investor in commercial and industrial property.

[Related: Ups and downs of IPMG]

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