Canadian Pacific and Dream Unlimited Corp. completed the formation of a joint venture, called Dream Van Horne Properties (DREAM VHP), which was created to generate long-term shareholder value from CP’s surplus real estate.
The joint venture will maximize the value of CP’s surplus real estate portfolio by leveraging the experience and expertise of Dream to develop select properties in North America, including sites in Calgary, Montreal, Toronto and Chicago. The project is the result of a strategic review of CP’s assets that has generated significant surplus real estate, which is now available for development, lease or sale. CP will provide the land while Dream will provide the expertise to build the developments, which are expected to include commercial, residential, industrial and mixed use projects.
CP was represented by in-house counsel Colin Goldie and by Goodmans LLP with a team that included David Nadler, Stephen Pincus, Karen Vadasz and Andrea Bettello (corporate), Jon Northup and Michael Royal (tax), Andrew Wiseman (real estate) and Kate Lyons (environmental).
Dream was represented by in-house counsel George Valentini and Rob Hughes and a team from Osler, Hoskin & Harcourt LLP that included Stella Di Cresce and Daniel Michaels.