MONTREAL, Aug. 1 /CNW Telbec/ - Canadian Pacific (TSX/NYSE: CP) today
announced that, working with commercial real estate advisors, it is going to
market Windsor Station and associated real estate assets through a Request For
Proposals (RFP) process. The RFP will provide the company with a clear
understanding of market interest and value for this unique and high profile
asset of Montreal.
This process is undertaken as part of CP's ongoing evaluation of
opportunities to monetize the value of its real estate assets to maximize
returns to the company and reduce ongoing operating costs.
Available for disposition are several real estate parcels consisting of
the Windsor Station office building and courtyard, the Windsor Tower Parcel
(former Accounting Building) and CP's interest in the Bell Centre parking
There are 380 CP employees working in Windsor Station. If the RFP results
in an acceptable offer to CP, the railway's departments presently located in
the station will remain as the company becomes a long-term lead tenant,
leasing approximately 79,000 square feet of office space and continuing its
126-year presence in Montreal.
Windsor Station is designated a heritage station under the Railway
Heritage Stations Protection Act and is also designated a Natural Historic
Monument under the Historic Sites and Monuments Act. CP will work closely with
both the federal and provincial governments to ensure that the national
heritage significance of the station continues to be protected.
If CP proceeds with the sale of the asset, the overall process from RFP
to Heritage approval is expected to take approximately 12 to 18 months to
Canadian Pacific, through the ingenuity of its employees located across
Canada and in the United States, remains committed to being the safest, and
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. Our combined ingenuity makes CP a better place to work, rail a better
way to ship, and North America a better place to live. Come and visit us at
www.cpr.ca to see how we can put our ingenuity to work for you. Canadian
Pacific is proud to be the official rail freight services provider for the
Vancouver 2010 Olympic and Paralympic Winter Games.
For further information:
For further information: Michel Spénard, Canadian Pacific Railway, (514)