Algoma Central selling real estate to focus on shipping business
Company sells properties in St. Catharines, Waterloo, Ont. for $36.8 million
ST. CATHARINES, Ont.—Great Lakes shipper Algoma Central Corp. is offloading its real estate in an effort to refocus its capital on the domestic and international shipping industries.
The company, which has recently invested in seven new ships to rejuvenate its fleet, announced Sept. 19 it has sold a pair of Ontario properties in St. Catharines and Waterloo for $36.8 million.
“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,” Ken Bloch Soerensen, the company’s president and CEO, said. “We continue to work on selling the other properties in the portfolio and look forward to completing this successfully.”
Monday’s sale includes the 35,000 square-foot Martindale Business Centre in St. Catharines, as well as three adjacent properties within the Waterloo Technology Campus that total 155,000 square-feet. In the past, the company has held more than one million square-feet of real estate.
Algoma Central is expecting delivery on the new vessels in 2017 and 2018.