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CP to Fully Own Detroit River Tunnel

Canadian Pacific said this week it will acquire full ownership of the Detroit River Rail Tunnel for $312 million under an agreement with Ontario benefit pension plan.

The two have an ownership partnership in which CP has a 16.5 percent share. The 1.6-mile tunnel links Detroit with Windsor, Ontario.

In a news release, CP said full ownership will reduce its operating costs related to movements through the tunnel.

OMERS initially invested in the tunnel partnership in 2001.

The sale, which is subject to regulatory and customary closing conditions, is expected to be finished by the end of the year.

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This entry was posted on October 17, 2020 at 8:51 am and is filed under Railroad News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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