Joyce sells Qld property to reduce debt

Osborne Park-based Joyce Corporation has sold a Queensland property for $7.5 million and will use the majority of the proceeds to reduce the company's bank debt and improve gearing ratios.

In a statement to the Australian Securities Exchange Joyce said the sale of the property at Brendale was settled yesterday.

As well as using the funds to reduce its bank debt, Joyce said it would hold about $3.2 million in a secured long-term interest bearing cash deposit.

"The sale of the property has secured the future growth and plans for the company, and has provided comfort to its bankers," the company's statement said.

Joyce continues to own a substantial industrial property at Moorebank in south western Sydney.

"The board anticipates this will be held for future capital growth as it is a potential development site directly opposite the Georges River," the company said.