Algoma Central Corporation Announces Sale of Huntington Square in St. Catharines

ST. CATHARINES, Ontario--()--Algoma Central Corporation (“Algoma” – www.algonet.com) announced today it has sold Huntington Square, a retail plaza located in St. Catharines. The net proceeds from the sale were $10.7 million.

Huntington Square is a 44,000 square foot retail plaza consisting of a diverse mix of retailers and service providers.

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.

Contacts

Algoma Central Corporation
Ken Bloch Soerensen, 905-687-7885
President and CEO
or
Peter D. Winkley, CPA, CA, 905-687-7897
Chief Financial Officer

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Release Summary

Algoma Central Corporation announces sale of Huntington Square in St. Catharines.

Algoma Central Corporation