CP launches process for sale of Windsor Station
Published: Aug 1, 2007
Source: CP Rail
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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 garage.

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 complete.