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Canadian National Railway Co. recently reached an agreement with Homburg Invest Inc. under which Homburg will purchase CN’s Central Station Complex in Montreal, and the railroad will leaseback its corporate headquarters building and station passenger facilities.

Expected to close by year’s end, the transaction will net $350 million for CN.

The deal involves the railroad’s 17-story office headquarters and Central Station, which is used by VIA Rail Canada Inc., Amtrak and l’Agence métropolitaine de transport, Montreal’s bus and commuter-rail system. The transaction covers the station’s grand hall, train platforms and portions of the facility’s sub-track level.

“With a new property manager in charge of Central Station’s extensive retail/commercial and services facilities, the station’s role as a major downtown Montreal transportation and commercial hub can be enhanced,” said Claude Mongeau, CN executive vice president and chief financial officer, in a prepared statement.