OMERS selling stake in Detroit rail tunnel
The Ontario Municipal Employees Retirement System’s infrastructure arm is selling its interest in the Detroit River tunnel partnership to Canadian Pacific.
The sale, which will give CP full ownership of the rail tunnel, is expected to generate approximately US$312 million for the OMERS.
“We are very proud of the value we have created with this investment for OMERS members,” said Michael Ryder, senior managing director and head of Americas for OMERS Infrastructure, in a press release.
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“Our work with CP represents a strong example of our global investment approach in action – collaborating with a trusted strategic partner as long-term owners and developers of a major international transportation link.”
The OMERS first invested in the partnership in 2001.
“It has been a pleasure to work with the CP team to ensure safe, reliable operations of this important infrastructure asset for commercial users and regional stakeholders,” said Peter Gray, director of OMERS Infrastructure. “We sincerely thank CP for its partnership and we wish them continued success.”
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