Aspen Group has sold the Septimus Roe office building in Perth for $91 million.
The company said it had signed an unconditional contract for the property, with the sale expected to settle on or before June 25.
The price was in line its net carrying value at December 31.
"The majority of proceeds are expected to be utilised for debt reduction," Aspen chief executive Clem Salwin said.
"However, we will also look to commence capital management initiatives, as well as potential reinvestment of capital in the business," he said.
The deal follows the recent sale of Aspen's interest in the ATO Adelaide building.
Aspen's shares were up 6.5 cents, or 5 per cent, to $1.305 at 9.05am.