The railway, which had previously said it was looking at options for land that it owns in several major cities, said DREAM would develop select properties "over the next few years."

The joint venture will focus on a 75 acre site in Chicago called Schiller Park, a 74 acre site near Toronto, 92 acres near downtown Edmonton and 3 acres of land in downtown Montreal.

(Reporting by Allison Martell; Editing by Chizu Nomiyama)

Stocks treated in this article : Canadian Pacific Railway Limited, DREAM Unlimited Corp