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Algoma Central sells its Corporate Park properties

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Dry Bulk,

Algoma Central Corp. of St. Catharines, Canada has sold the properties collectively known as Corporate Park in St. Catharines, Canada. The net proceeds from the sale of Algoma’s interest in the properties were CAN$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.

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.

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