Vancouver acquires Arbutus rail corridor from Canadian Pacific Railway for C$55 million

On March 7, 2016, Canadian Pacific Railway Corporation (“CP”) reached an agreement with the city of Vancouver to sell the Arbutus corridor for $55 million. The landmark agreement ended 15 years of feuding over the corridor, and allows the City to create a transportation corridor and greenway while providing a fair return to CP and our shareholders. The agreement also allows CP to share in future proceeds on the eventual development and/or sale of certain parcels of the corridor. The space will be transformed into the Arbutus Greenway, a future, north-south transportation corridor that will connect False Creek to the Fraser River. Fasken Martineau was counsel to Canadian Pacific throughout the transaction, with a team that included Carmine Boskovich.