Wednesday, March 28, 2012

CN sells two rail segments to Metrolinx

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CN said Tuesday it would sell two rail segments in the Greater Toronto Area to Metrolinx for C$310.5 million.

Metrolinx will assume ownership of a portion of right-of-way along CN's Bala Subdivision, used by GO Transit's Richmond Hill service. The route stretches from Rosedale Valley Road north through the Don Valley to CN's main east-west freight line north of Steeles Avenue near the Toronto-York Region border.

Metrolinx is also acquiring a segment of CN's Oakville Subdivision from a point near 30th Street in the Etobicoke area of Toronto and terminating just west of the Fourth Line in Oakville, Ont.

go-transitSaid CN Executive Vice-President and DFO Luc Jobin, "We are pleased to transfer ownership of these important commuter rail lines to Metrolinx to further its future service objectives, while protecting CN's operating rights to ensure continued service to its freight customers. CN has a strong partnership with Metrolinx and we will continue to support commuter rail as a sustainable mode of transport in the Greater Toronto Area."

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