Canadian owner Algoma Central Corporation has announced the sale of properties collectively known as Corporate Park, which includes three office buildings, in St. Catharines.
The net proceeds from the sale of the properties are $26.4m.
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 its domestic dry bulk fleet and new opportunities in international shipping.
In March, Algoma formed a dry bulk shipping joint venture with Switzerland’s Nova Marine Carriers. The new company NovaAlgoma Short-Sea Carriers will intinally operate a fleet of approximately 70 bulkers including owned ships, chartered vessels, and vessels under third-party management contracts.