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Wednesday, October 28, 2009

CP sells Windsor Station in Montreal

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Canadian Pacific Railway sold its historic Windsor Station in Montreal as the country's second-largest railway continues to look at ways to improve its cash position in face of declining volumes, the Montreal Gazette reports. CP said it had sold the station and significant other related real estate, to Cadillac Fairview Corp. Ltd. for C$86 million.

As part of the deal, the railroad entered into a long-term lease to remain the principal tenant at the station. The Windsor Station is the latest real estate deal CP has entered into in order to improve its cash position.

This year, CP sold its interest in the Detroit River Tunnel Partnership to a subsidiary of OMERS pension fund, which buoyed CP's second quarter results by C$69 million after taxes.

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