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International, News, Ontario

CP Sells Stakes in Detroit-Windsor Tunnel

Posted on April 1, 2009

Canadian Pacific Railway Ltd. is selling 67 per cent of its stake in the Detroit-Windsor Tunnel crossing to Borealis Infrastructure Management Ltd. for $132 million.

The CBC reports that Borealis, which manages infrastructure projects for OMERS pension fund, will pay $110 million now and another $22 million, depending on traffic volumes, for 33.5 percentage points of CP Rail’s ownership portion in the tunnel.

“The Detroit River tunnel is an investment that fits into our long-term strategy of securing infrastructure assets that can generate stable and sustainable returns for OMERS plan members,” said OMERS President and CEO, Michael Nobrega.

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