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CN Rail Mulls Real Estate Sales to Raise Cash for Network Revamp
Thursday, 26 April 2018

Canadian National Railway Co. will consider selling additional real estate properties in Montreal and Calgary

Canadian National Railway Co. will consider selling additional real estate to free up cash that can be plowed back into its network.

Properties in Montreal and Calgary are among the assets that Canadian National could divest in the coming months, interim Chief Executive Officer Jean-Jacques Ruest said Tuesday in an interview in Toronto. The company has already sold about C$150 million ($117 million) of “non-core” assets this month, Chief Financial Officer Ghislain Houle told analysts Monday.

Canadian National is looking to sell “primarily real estate,” Ruest said Tuesday in an interview in Toronto after the company’s annual meeting. “They’re good real estate assets but they don’t generate revenue carloads, they don’t move freight. So we take that money, cash it out, and deploy it out west where we can move more trains.”

Ruest declined to specify which assets the company would consider selling, or say how much they could fetch.

 
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Kristine Owram and Frederic Tomesco

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