RJRGLEANER enters agreement for sale of North Street building

The RJRGLEANER Communications Group has announced it has entered an agreement with LP Azar Limited for sale of the Gleaner building at 7 North Street, Kingston.

"The transaction forms part of the Group’s broader strategic restructuring and modernisation initiatives aimed at optimising its operational footprint, improving efficiency across its commercial operations, and enhancing long-term shareholder value," a media release from the company stated yesterday.

FULL RELEASE:

“Radio Jamaica Limited (‘RJL’ or ‘the Company’), whose trade name is the RJRGLEANER Communications Group (‘the Group’), advises that it has entered into a binding agreement with LP Azar limited for the sale of the Company’s property located at 7 North Street, Kingston, together with adjacent lots and parking areas (collectively, ‘the Property’).

“The transaction forms part of the Group’s broader strategic restructuring and modernisation initiatives aimed at optimising its operational footprint, improving efficiency across its commercial operations, and enhancing long-term shareholder value. The sale will support the continued consolidation of operations at the Group’s Lyndhurst Road campus and allow for a more focused allocation of resources toward the Group’s core print media, digital and broadcast businesses.

“Completion of the transaction is subject to customary closing conditions and is expected to occur within 45 days. Staff members previously located at the North Street campus will be accommodated at the Group’s 32 Lyndhurst Road facilities. 

“The Company will make any further disclosures required under the rules of the Jamaica Stock Exchange and applicable law.”