Canadian Pacific and Borealis Infrastructure announce changes to their Detroit River Tunnel partnership agreement

    CALGARY, April 1 /CNW/ - Canadian Pacific Railway Limited (TSX/NYSE:   CP)
and Borealis Infrastructure Management Inc. announced that they have entered
into a transaction that, subject to regulatory approval, will change their
joint ownership of the Detroit River Tunnel Partnership (DRTP) to a majority
position for Borealis. CP retains its exclusive right to operate and maintain
the Detroit River tunnel; however, CP's interest will decrease to 16.5 per
cent from 50 per cent with the completion of this transaction. CP's proceeds
from the transaction will be $110 million plus additional proceeds of $22
million based on future freight volume through the tunnel.
    The DRTP owns the Detroit River Rail Tunnel which carries CP's rail line
from Windsor to Detroit. The tunnel, which transports rail traffic across the
Canada-US border, is a vital link in the North American transportation
    "I am pleased with the latest development in our long-standing
partnership with Borealis and its parent, the OMERS pension fund," said
Kathryn McQuade, Canadian Pacific's Chief Financial Officer. "This transaction
allows us to realize value for our asset and strengthen our balance sheet
while preserving our right to operate the tunnel."
    "The Detroit River Tunnel is an investment that fits into our long-term
strategy of securing infrastructure assets that can generate stable and
sustainable returns for OMERS plan members," commented OMERS President and CEO
Michael Nobrega.

    About Canadian Pacific

    Canadian Pacific, through the ingenuity of its employees located across
Canada and in the United States, remains committed to being the safest, most
fluid railway in North America. Our people are the key to delivering
innovative transportation solutions to our customers and to ensuring the safe
operation of our trains through the more than 900 communities where we
operate. Canadian Pacific is proud to be the official rail freight services
provider for the Vancouver 2010 Olympic and Paralympic Winter Games.

    About Borealis Infrastructure

    Borealis Infrastructure identifies, invests in and manages infrastructure
assets on behalf of OMERS. Borealis has been in the infrastructure business
since 1999 and has developed a diversified portfolio of infrastructure assets
in Canada and globally with an enterprise value of over $40 billion.

    About OMERS

    OMERS is one of Canada's largest pension funds with an established track
record of strong and steady performance and with investments in a wide range
of companies and assets around the world. OMERS provides retirement benefits
to over 390,000 members from the local government sector in Ontario.

For further information:

For further information: Media, Canadian Pacific, Mike LoVecchio, Tel.:
(778) 772-9636, email:; Investment Community, Janet
Weiss, Assistant Vice-President, Investor Relations, Tel.: (403) 319-3591,
email:; Borealis and OMERS, John Pierce, Tel: (416) 350-6784,

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