(TSX : ALC)
ST. CATHARINES, ON, April 18, 2017 /CNW/ - Algoma Central Corporation ("Algoma" – www.algonet.com) announced today it has sold the properties collectively known as Corporate Park in St. Catharines. The net proceeds from the sale of Algoma's interest in the properties were $26.4 million.
Corporate Park consists of two wholly owned office buildings, a 50% interest in another office building and 2.1 acres of vacant land available for future development.
The three office buildings have approximately 141,000 total square footage of leasable space.
The gain on the sale of the property will be reported in the Company's 2017 second quarter results.
The Company's decision to sell its real estate holdings is a result of a new strategic objective to direct capital to the renewal of the domestic dry-bulk fleet and to new opportunities in international shipping.
About Algoma Central Corporation
Algoma Central Corporation operates the largest Canadian flag fleet of dry and liquid bulk carriers on the Great Lakes - St. Lawrence Waterway, including self-unloading dry-bulk carriers, gearless dry bulk carriers and product tankers. The Company has announced contracts for seven new Equinox Class domestic dry-bulk vessels as part of its on-going fleet renewal program. Algoma also owns ocean dry-bulk vessels operating in international markets. Algoma provides ship management services for other ship owners, and in 2016, Algoma began a strategic initiative to grow into attractive global niche markets, beginning with a fifty percent interest in a pneumatic cement carrier business.
SOURCE Algoma Central Corporation
For further information: Ken Bloch Soerensen, President and CEO, 905-687-7885; Peter D. Winkley, CPA, CA, Vice President, Finance and CFO, 905-687-7897