North American real estate firm Cadillac Fairview has acquired the Windsor Station from Canadian Pacific Railway (CP) for $86m.

The station is a heritage building and provides and serves as an important hub for commuters to access the Montreal underground and Montreal Metro subway system.

The deal includes the station complex with other real estate assets.

Under the deal, CP has entered into a long-term lease with Cadillac Fairview to remain a tenant of the station.

The move is part of CP’s plan to improve its cash position as it is facing a decline in freight volumes.

The acquisition was given federal approval in mid-July 2009.