(TSX : ALC)
ST. CATHARINES, ON,
Sept. 19, 2016 /CNW/ - Algoma Central
Corporation ("Algoma" – www.algonet.com) announced today that the
Martindale Business Centre in St.
Catharines and the three office buildings of 408, 410 and
412 Albert Street located within the "Waterloo Technology Campus"
have sold for total proceeds of $36.8
million.
"We are very pleased to close on both the Martindale Business
Centre in St. Catharines and the
office buildings in Waterloo," said Ken
Bloch Soerensen, President and CEO of the Corporation. "The
sale of these properties brings us one step closer to fully focus
on our fleet renewal program and new ventures in domestic and
international shipping. We continue to work on selling the other
properties in the portfolio and look forward to completing this
successfully."
The Martindale Business Centre in St.
Catharines is a 35,000 square foot service plaza that
accommodates tenants requiring 1,000 to 10,000 square feet of
space. The Waterloo properties total approximately 155,000
square feet of office space with 408 Albert Street combining
office, distribution, testing, production, assembly and
warehousing. A gain resulting from the sale of the properties will
be reported in the Company's third quarter results.
Algoma decided to sell its real estate holdings in order to
target its capital on domestic shipping and new opportunities
internationally. This strategic focus includes the completion of a
fleet renewal program comprising seven vessels expected to be
delivered in 2017 and 2018.
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