ALBERTA

CP Rail to tap value of excess lands with property developer Dream Unlimited

01/20/2015 09:22 EST | Updated 03/22/2015 05:59 EDT
CALGARY - Canadian Pacific (TSX:CP) has chosen a partner to help the railway develop its surplus real estate, including sites in Chicago, Toronto, Montreal and Edmonton.

It will work with Dream Unlimited Corp. (TSX:DRM), a Toronto-based real estate developer focused on residential properties, renewable energy infrastructure and commercial real estate.

Together they will form Dream Van Horne Properties, a nod to early CP president William Van Horne.

The largest of the three sites is at the railway's South Edmonton Yard, a 32-hectares site near the city's downtown. The smallest parcel is a 1.2-hectare plot in downtown Montreal.

The joint venture will also look to develop a 30-hectare location in Chicago and a 30-hectare site near Toronto.

MORE:Albertacp