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Algoma continues property sell-off to fund acquisitions

Algoma continues property sell-off to fund acquisitions

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Canadian owner Algoma Central Corporation continues to sell off property assets to fund its fleet renewal plan. The company has announced the sale Huntington Square, a retail plaza located in St. Catharines, for $10.7m.

In April, the company also collected $26.4m from the sale of three office buildings.

Algoma said the company’s decision to sell its real estate holdings is a result of a new strategic objective to direct capital into the renewal of its domestic dry bulk fleet and new opportunities in international shipping.

Algoma has a joint venture with Switzerland’s Nova Marine Carriers operating a fleet of around 70 bulkers internationally, while locally it operates 21 dry bulk carriers and six product tankers on the Great Lakes – St. Lawrence Waterway.

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Jason Jiang

Jason worked for a number of logistics firms following his English degree, then switched this hands-on experience to writing and has since become one the most prolific writers on the diverse China logistics industry writing for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week. Jason’s access to the biggest shippers with business in China has proved an invaluable source of exclusives.

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