Business
Algoma Central Corporation Announces Sale of Two Properties in their Real Estate Portfolio
Algoma Central Corporation Announces Sale of Two Properties in their Real Estate Portfolio...
About this update from Algoma Central Corporation
[{"type":"text","content":"\n\n\n\nAlgoma Central Corporation Announces Sale of Two Properties in their Real Estate Portfolio\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nAlgoma Central Corporation Announces Sale of Two Properties in their Real Estate Portfolio\nCanada NewsWire\nST. CATHARINES, ON, Sept. 19, 2016\n\n\n\n(TSX : ALC)\n\n\n\nST. 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. \n\n\"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.\" \n\nThe 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. \n\nAlgoma 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. \n\nAbout Algoma Central Corporation\n\nAlgoma 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, gearl...