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Algoma Central Corp. to sell real estate holdings


ST. CATHARINES, Ont.– Algoma Central Corporation has begun a process that will result in the sale of the company’s real estate holdings.

The decision to sell the Company’s commercial, retail, office, and other buildings, comprising over 1 million square feet, is a result of a review of the strategic objectives of the Company and a decision to focus the Company’s capital on domestic and international shipping opportunities, the company announced.

These opportunities include renewal of the domestic dry-bulk fleet, as well as the recently announced increase in Algoma’s interest in the international self-unloader Pool.

Marketing of the properties is expected to begin during 2016 and steps are now being taken to prepare the properties for sale.

For the year to date, the Properties segment of the Company contributed revenues of $23.9 million and net earnings of $2.1 million. The portfolio of properties had a net book value of $79.2 million as at September 30, 2015.

 


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