Algoma Central Corporation announces sale of corporate park properties in St. Catharines
Algoma Central Corporation announced April 18 it has sold the properties collectively known as Corporate Park in St. Catharines, Ontario. The net proceeds from the sale of Algoma’s interest in the properties were C$26.4 million.
Corporate Park consists of two wholly owned office buildings, a 50 percent interest in another office building and 2.1 acres of vacant land available for future development. The three office buildings have approximately 141,000 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.