Algoma Central said it sold a shopping mall as part of a divestment strategy aimed at financing its newbuilding programme.
Algoma said it netted CAD 14.1m ($10.6m) for Ridley Square in St. Catharines, Ontario.
“We are pleased to have accomplished another sale,” said Ken Bloch Soerensen, chief executive of Algoma. “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 consists of both retail and service industry units. A gain on the sale of the property will be reported in the company’s fourth quarter results.
Algoma said the 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. The company has seven handysize newbuildings for delivery from mid-2017 through 2018.
