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CN plans sale of Central Station in Montreal

06/01/2007 AT 07:31

The CSC houses CN's headquarters building, the passenger rail activities of VIA Rail Canada Inc., l'Agence métropolitaine de transport and AMTRAK, and extensive retail operations.

Claude Mongeau, executive vice-president and chief financial officer of CN, said: “We believe the sale and lease back transaction will put a highly experienced property manager in place to unlock the great potential of this inter-city passenger and commuter rail transportation hub and retail centre, including one million square feet of space available for future development.

“This transaction will not affect the location of CN's corporate headquarters in Montreal or the rail passenger facilities of Central Station, both of which CN plans to lease back on a long-term basis.”

CN will take the necessary measures to ensure the heritage features of the station are maintained and protected for the future in the proposed real estate transaction.

CN, through its advisor for the transaction, Brookfield Financial Real Estate Group, will invite proposals from qualified parties to bid on the CSC complex, and anticipates reaching a definitive agreement on the sale, as well as the leaseback of its headquarters and the station's rail facilities, by the fall of 2007.

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