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$355M Secures Montreal Rail Station Agreement

MONTREAL-The new owners of Central Station envision up to one million sf of new development surrounding the asset.

By Joe Clements | Updated on September 24, 2007

MONTREAL-In the latest example of private infrastructure investment, the Canadian National Railway Co. has agreed to a $355 million sale/leaseback of this city’s Central Station transit terminal and ancillary facilities. The deal includes CNR’s 17-story corporate headquarters and the railway passenger facilities, around which new owner Homburg Invest envisions upwards of one million sf of new mixed-use development.

“We see an opportunity to turn this property into a Montreal icon,” CEO Richard Homburg offered in announcing the agreement, one he says “reinforces our commitment to a marketplace that we consider highly attractive.” Homburg notes that his firm has already spent more than $1 billion on commercial real estate in Greater Montreal, displaying confidence that the largest city in the province of Quebec will thrive going forward. Located along the Saint Lawrence Seaway, the metropolis of 3.6 million people is still the largest inland port in the world, providing for a diverse economy.

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