(TSX : ALC)
ST. CATHARINES, ON, Oct. 12, 2016 /CNW/ - Algoma Central Corporation ("Algoma" – www.algonet.com) announced today it has sold Ridley Square in St. Catharines for $14.1 million.
"We are pleased to have accomplished another sale," said Ken Bloch Soerensen, President and CEO of the Company. "Ridley Square is the third property we have sold from our real estate portfolio. The proceeds from the sale of our properties will enable new growth for the company in an ever evolving marine industry."
Ridley Square, located in St. Catharines, consists of both retail and service industry units totaling 47,585 square feet. A gain on the sale of the property will be reported in the Company's fourth 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 owns a diversified ship repair and steel fabricating facility active in the Great Lakes and St. Lawrence regions of Canada. In 2016, Algoma announced a new 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: please contact: Ken Bloch Soerensen, President and CEO, 905-687-7885; Peter D. Winkley, CPA, CA, Vice President, Finance and CFO, 905-687-7897