Canadian Pacific, a transcontinental railway in Canada and the United States with direct links to major ports on the West and East coasts, has paid $312 million for the remaining 83.5 percent stake in the Detroit River Rail Tunnel from affiliates of OMERS.
Detroit River Rail Tunnel is a two-bore rail tunnel that connects Windsor, Ont., and Detroit. DRTC’s rail line extends 3.24 miles.
Canadian Pacific previously owned a 16.5 percent stake of the tunnel in partnership with OMERS. In October 2020, Canadian Pacific Railway Company (CPRC) filed a petition that would allow CPRC and its wholly-owned noncarrier subsidiary, DRTP Holdings, to acquire the 83.5 percent partnership interest from Borealis Transportation Infrastructure Trust (BTIT), managed by OMERS, according to a