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.
