Algoma Central Corporation announces sale of Ridley Square in St. Catharines
Algoma Central Corporation announced October 12 the sale of Ridley Square in St. Catharines, Ontario for C$14.1 million.
“We are pleased to have accomplished another sale,” said Ken Bloch Soerensen, President and CEO of the company. “Ridley Square is the third property we have sold from our real estate portfolio. The proceeds from the sale of our properties will enable new growth for the company in an ever-evolving marine industry.”
Ridley Square, located in St. Catharines, consists of both retail and service industry units totaling 47,585 square feet. A gain on the sale of the property will be reported in the company’s fourth-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.