Algoma Central Corporation Announces Sale of Corporate Park Properties in St. Catharines

Ad blocking detected

Thank you for visiting CanadianInsider.com. We have detected you cannot see ads being served on our site due to blocking. Unfortunately, due to the high cost of data, we cannot serve the requested page without the accompanied ads.

If you have installed ad-blocking software, please disable it (sometimes a complete uninstall is necessary). Private browsing Firefox users should be able to disable tracking protection while visiting our website. Visit Mozilla support for more information. If you do not believe you have any ad-blocking software on your browser, you may want to try another browser, computer or internet service provider. Alternatively, you may consider the following if you want an ad-free experience.

Canadian Insider Club
$299/ year*
Daily Morning INK newsletter
+3 months archive
Canadian Market INK weekly newsletter
+3 months archive
30 publication downloads per month from the PDF store
Top 20 Gold, Top 30 Energy, Top 40 Stock downloads from the PDF store
All benefits of basic registration
No 3rd party display ads
JOIN THE CLUB

* Price is subject to applicable taxes.

Paid subscriptions and memberships are auto-renewing unless cancelled (easily done via the Account Settings Membership Status page after logging in). Once cancelled, a subscription or membership will terminate at the end of the current term.

Algoma Central Corporation Announces Sale of Corporate Park Properties in St. Catharines

Canada NewsWire

(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

View original content: http://www.newswire.ca/en/releases/archive/April2017/18/c4506.html

Copyright CNW Group 2017

Comment On!

140
Upload limit is up to 1mb only
To post messages to your Socail Media account, you must first give authorization from the websites. Select the platform you wish to connect your account to CanadianInsider.com (via Easy Blurb).