Canadian Pacific Railway, Dream Unlimited form Real-Estate Joint Venture

Canadian Pacific (TSX/NYSE: CP) (CP) and DREAM Unlimited Corp.

(DREAM) are proud to announce an agreement to form a joint venture called DREAM Van Horne Properties (DREAM VHP), 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. "Since mid-2012, CP has undergone a remarkable business transformation that has generated significant surplus real estate," CP CEO E. Hunter Harrison said. "The formation of DREAM VHP is the result of a comprehensive selection process to find the right partner with the expertise and vision necessary to unlock the significant long-term shareholder value from those assets. With DREAM'S focus on customers, communities and shareholders, we are pleased to find a partner that shares the same values as CP." CP boasts a diverse portfolio of surplus real estate properties poised for development by the joint venture, including Schiller Park, a 75-acre site in Chicago; Obico, a 74-acre site near Toronto; South Edmonton Yard, a 92-acre site close to downtown Edmonton, and; Lucien L'allier, a 3-acre site in downtown Montreal. "We are thrilled to be chosen by Canadian Pacific, an iconic Canadian company, to realize value from the real estate that is excess to their operations," said DREAM CEO Michael J. Cooper. "We believe that there is unlimited potential to work together to develop land that has benefitted from the growth of our cities. This partnership is a testament to the value of our diversified real estate platform and our track record for creating value. We look forward to working with CP for many years to come." DREAM VHP will identify and develop CP real estate assets over the next few years as it looks to optimize the portfolio and create long-term shareholder value.