ITV PLC (LON:ITV) is selling the iconic London Television Centre on the South Bank to Mitsubishi Estate London Limited in an all-cash transaction for £145.6mln.

In a brief statement, the FTSE 100-listed broadcasting group said completion of the sale is expected to occur by the end of November.

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Part of proceeds of the sale of the South Bank site, net of tax and fees, will be used to replace the asset security, and the remaining sale proceeds used to reduce ITV’s net debt, it added.

In 2014, ITV established a Pension Funding Partnership with the Trustees backed by The London Television Centre which resulted in the assets of Section A of the defined benefit pension scheme being increased by £50mln.

ITV is due to issues a third-quarter trading update next Tuesday which is likely to be eyed closely for any signs the challenges that faced the group during its first half have continued into the second half and the extent to which any weakness has been offset by its dominance of the UK TV advertising market.

The blue-chip broadcaster’s management is guiding for broadly flat advertising revenues for the quarter, anywhere between +1% to -1%, compared to a 5% decline in the first half.

Outlook for the all-important fourth quarter, which includes the Christmas period, will also be watched closely in addition to any early indicators of consumer uptake for ITV’s BritBox streaming platform, which it is running as part of a 90%-owned joint venture with the BBC.

The group’s attempt to take on Netflix and other streaming giants were given a boost this week after reports emerged that Channel 4 will also be throwing its weight behind the platform, providing even more content to attract subscribers.

Analysts at UBS are expecting ITV to report revenue of £710mln for the third quarter, a 6% increase year-on-year, while revenue from ITV Studios – the company’s content production arm – are expected to rise 15% to £241mln.