15:13 | 27.09.2017
Algoma Central Corporation Announces Sale of Station Tower in Sault Ste. Marie
Algoma Central Corporation (TSX : ALC) (“Algoma” – www.algonet.com)
announced today it has sold Station Tower, an office building located in
Sault Ste. Marie. The net proceeds from the sale were $4.4 million.
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Station Tower (Photo: Business Wire)
Station Tower is a 61,000 square foot office building consisting of a
diverse mix of commercial and professional services offices. As
announced on June 27, 2017, the Company has temporarily suspended
efforts to sell the Station Mall in Sault Ste. Marie. As a result, sale
of the Station Tower marks the completion of this phase of the
divestiture of the Company’s real estate holdings.
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.
About Algoma Central Corporation
Algoma 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, gearless dry bulk carriers
and product tankers. Algoma also owns ocean self-unloading dry-bulk
vessels operating in international markets. In addition, Algoma provides
ship management services for other ship owners. Algoma has begun an
expansion into international short-sea markets through its 50% interests
in NovaAlgoma Cement Carriers and NovaAlgoma Short-Sea Carriers.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170927005727/en/