MONTREAL, Nov. 30 /CNW/ - CN (TSX: CNR)(NYSE: CNI) and Homburg Invest
Inc. (TSX: HII.A & HII.B and AEX: HII) announced today that they have closed
the sale of the Central Station Complex (CSC) in Montreal including the
Central Station railway passenger facilities and the CN corporate headquarters
building. The transaction was previously announced on September 19, 2007, when
CN and Homburg entered into an agreement under which Homburg Invest agreed to
purchase the CSC facilities from CN for a purchase price of C$355 million.
Under the agreement with Homburg Invest, CN will lease back its 17-storey
office headquarters building and Central Station railway passenger facilities
on a long-term basis. Central Station includes the Grand Hall, train platforms
and portions of the sub-track level.
CN and Homburg structured the sale-and-leaseback transaction to reflect
the long-term presence of CN's corporate headquarters in Montreal and to
ensure continued operation of Central Station for use by VIA Rail Canada Inc.,
and l'Agence metropolitaine de transport, and AMTRAK.
The transaction has received the necessary regulatory approvals,
including federal government approval of an agreement to protect the heritage
features of Central Station.
CN - Canadian National Railway Company and its operating railway
subsidiaries - spans Canada and mid-America, from the Atlantic and Pacific
oceans to the Gulf of Mexico, serving the ports of Vancouver, Prince Rupert,
B.C., Montreal, Halifax, New Orleans, and Mobile, Ala., and the key
metropolitan areas of Toronto, Buffalo, Chicago, Detroit, Duluth,
Minn./Superior, Wis., Green Bay, Wis., Minneapolis/St. Paul, Memphis, St.
Louis, and Jackson, Miss., with connections to all points in North America.
For more information on CN, visit the company's website at www.cn.ca.
Homburg, with its head office in Halifax, N.S., owns and develops a
diversified portfolio of quality real estate, including office, retail,
industrial and residential properties throughout Canada, the United States and
Europe. The Company's properties total over 14.5 million square feet,
representing in excess of C$3 billion in total assets.
This news release contains forward-looking statements. CN cautions that,
by their nature, forward-looking statements involve risk, uncertainties and
assumptions, and while there may be a risk of recession in the United States
economy, the Company's assumption is that positive economic conditions in
North America and globally will continue, which assumption may not
materialize, and that its results could differ materially from those expressed
or implied in such statements. Important factors that could cause such
differences include, but are not limited to, industry competition, legislative
and/or regulatory developments, compliance with environmental laws and
regulations, various events which could disrupt operations, including natural
events such as severe weather, droughts, floods and earthquakes, the effects
of adverse general economic and business conditions, inflation, currency
fluctuations, changes in fuel prices, labour disruptions, environmental
claims, investigations or proceedings, other types of claims and litigation,
and other risks detailed from time to time in reports filed by CN with
securities regulators in Canada and the United States. Reference should be
made to CN's most recent Form 40-F filed with the United States Securities and
Exchange Commission, its Annual Information Form filed with the Canadian
securities regulators, and its 2006 Annual Consolidated Financial Statements
and Notes thereto and Management's Discussion and Analysis (MD&A), as well as
its 2007 quarterly consolidated financial statements and MD&A, for a summary
of major risks.
For Homburg Invest Inc., this news release may contain statements that
are forward looking regarding expectations with respect to market conditions,
acquisitions, occupancy rates, capital requirements,sources of funds, expense
levels, operating performance and other matters. These assumptions and
statements are subject to various factors, unknown risks and uncertainties,
including general economic conditions, local market factors, performance of
other third parties, environmental concerns, and interest rates, any of which
may cause actual results to differ from the Company's current expectations.
Information and statements in this document, other than historical
information, should be considered forward-looking and reflect management's
current views of future events and financial performance that involve a number
of risks and uncertainties. Factors that could cause actual results to differ
materially include, but are not limited to, the following: general economic
conditions and developments within the real estate industry, competition and
the management of growth. The Toronto Stock Exchange has neither approved nor
disapproved of the information contained herein.
For further information:
For further information: For CN: Media: Mark Hallman, Director,
Communications, Media & Eastern Region, (905) 669-3384; Investment Community:
Robert Noorigian, Vice-President, Investor Relations, (514) 399-0052; For
Homburg: Media & Investors: Richard Homburg, Chairman and CEO, (902) 468-3395;
J. Richard Stolle, President and COO, Homburg Invest Inc., 31-20-573-3855