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Rail News: Canadian Pacific
CP enters joint venture with DREAM Unlimited to develop surplus real estate
Canadian Pacific and DREAM Unlimited Corp. this morning announced an agreement to form DREAM Van Horne Properties (DREAM VHP), a joint venture designed to help the Class I develop its surplus real estate.
"Since mid-2012, CP has undergone a remarkable business transformation that has generated significant surplus real estate," CP Chief Executive Officer E. Hunter Harrison said in a prepared statement. "The formation of DREAM VHP is the result of a comprehensive selection process to find the right partner with the expertise and vision necessary to unlock the significant long-term shareholder value from those assets."
CP's portfolio of surplus real estate properties includes Schiller Park, a 75-acre site in Chicago; Obico, a 74-acre site near Toronto; South Edmonton Yard, a 92-acre site close to downtown Edmonton, Alberta, Canada; and Lucien L'allier, a 3-acre site in downtown Montreal.
"We believe that there is unlimited potential to work together to develop land that has benefitted from the growth of our cities," said DREAM Unlimited CEO Michael Cooper.
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