Borealis Purchases Interest in Detriot River Tunnel

On March 6, 2001, Borealis Transportation Infrastructure Trust, formed by the Ontario Municipal Employees Retirement System (OMERS), completed its purchase of a 50 per cent interest in the Detroit River Tunnel from Canadian National Railway Company and the formation of an ongoing partnership with Canadian Pacific Railway Company. The Detroit River Tunnel is a 2.6 km rail tunnel between Windsor and Detroit. It is the most important free trade corridor between Canada and the US and carries more than half of the auto trade.

Borealis was advised by Blake, Cassels & Graydon LLP and Davies Ward Phillips & Vineberg LLP. The Blakes team included Peter Gilchrist, Bryson Stokes, Jillian Swartz, Yukiko Kojima, Mike Stevenson and Shane Pearson (corporate), Jeff Trossman, Allan Gelkopf, Bryan Bailey and Robert Kreklewich (tax), Robin McGillis (real estate) and Jonathan Kahn (regulatory). The Davies team included Bob Bauer, Sabrina Gherbaz and Steve Martin (corporate and real estate), David Smith, Q.C., John Zinn and Duncan Osborne (tax), Mark Katz and David Fruitman (competition) and Tim Youdan (trusts). CP was represented by Doug Scott and Sean Stevens (corporate), Belinda James (real estate), Stephen Ruby and Brent Jay (tax) and Tony Baldanza (regulatory) of Fasken Martineau DuMoulin LLP. Jean Claude Paré, CPR senior in-house counsel, provided advice and support to the Fasken team. CN’s in-house legal team, consisting of Curtis McDonnell, Olivier Chouc and Mathieu Lamothe, assisted CN in the completion of the transaction.