(The Canadian Press circulated the following on August 1.)
MONTREAL — Canadian Pacific Railway (TSX:CP) plans to sell Windsor Station in Montreal through a request for proposal process it hopes will gauge market value for the historic property.
“This process is undertaken as part of CP’s ongoing evaluation of opportunities to monetize the value of its real estate assets to maximize returns to the company and reduce ongoing operating costs,” the company said in a release.
Up for sale are real estate parcels consisting of the Windsor Station office building and courtyard, the Windsor Tower and an interest in the Bell Centre parking garage.
If there is a successful offer, railway departments in the station will remain as the company becomes a long-term lead tenant, leasing about 79,000 square feet of office space.
Windsor Station is a heritage station under the Railway Heritage Stations Protection Act and a Natural Historic Monument.
CPR said it will work with federal and provincial governments “to ensure that the national heritage significance of the station continues to be protected.”
If the company proceeds with its sale, the process will take between 12 and 18 months.