TORONTO, ONTARIO--(Marketwired - March 31, 2014) - Teranet President and CEO Elgin Farewell, and Manitoba Finance Minister Jennifer Howard, announced today that as of March 29, 2014, The Property Registry (TPR) was officially transferred from the Province of Manitoba to Teranet Manitoba LP in a deal that would see the company own and operate TPR over a 30-year term.
The transfer takes place several weeks after both parties announced the signing of the Master Agreement that outlined the terms by which Teranet Manitoba LP would own and operate TPR's Land Title and Personal Property registries on behalf of the Province. The full operations and TPR staff have been transferred to Teranet Manitoba, and continue to be headquartered in Winnipeg.
In keeping with the terms of the deal, Teranet Manitoba has paid the Province an upfront payment of $75 million. Furthermore, Teranet Manitoba is set to afford the Province with annual royalties starting at an estimated $11 million per year, growing to an estimated $24 million by end of term. Teranet Manitoba has also committed to making significant investments in systems development to make property searches and registrations available through a more convenient, faster and secure online system.
The Province of Manitoba will continue to provide Manitobans with a guarantee of title. Data including land surveys and property titles will remain solely owned by the Government of Manitoba. TPR continues to operate as it does today meaning customers should experience a seamless transition.
An international leader in electronic registration, Teranet has provided land registration and writ services on behalf of the Government of Ontario for the past two decades. Ontario was the first jurisdiction in the world to provide electronic registration of land-related documents, which enhances security, improves the accuracy and integrity of the land registry database and improves the efficiency for all stakeholders. In 2010, the Province of Ontario renewed its long-standing business partnership with Teranet by extending its exclusive licenses for an additional 50 years.
Founded in 1991, Teranet owns and operates Ontario's Electronic Land Registration System, one of the world's most advanced land registration systems, enabling users to conduct electronic registrations as well as title and writ searches relating to real property. Teranet's comprehensive suite of related data products have fundamentally increased the real estate industry's ability to provide efficient and secure services to the public. Teranet has built a well-established customer base and strong brand confidence, providing electronic services to approximately 47,000 end users including lawyers, paralegals, real estate brokers and agents, search houses, title insurers, financial institutions, governments, police services, utilities, investigators and appraisers. Teranet is owned by Borealis Infrastructure, a leader in direct infrastructure investing with well over a decade of investment experience. Borealis manages approximately $9 billion in OMERS equity capital through investments in a diversified portfolio of large-scale infrastructure assets exhibiting stability and strong cash flows, in sectors including energy, transportation and government-regulated services. It has offices in Toronto, London, New York and Sydney. Borealis is the infrastructure investment arm of OMERS, one of Canada's largest pension funds with net assets of more than CAD 65 billion and an AAA credit rating. For more information about Teranet, visit www.teranet.ca.
About The Property Registry (TPR)
The Property Registry was formed in 1997 by merging the Land Titles Office and the Personal Property Registry. Our main function is to provide certification of titles to land, maintain land records, and provide reliable information of financial interests in personal property to the public. We keep all records of land ownership and survey plans. Are you buying or selling a house? We register the documents that change ownership of the real estate property and guarantee the results. Do you want to place a lien or file a notice against a specific property? Do you want to order a copy of information set out in a title? We can record your documents or forward you the copy of a document already registered.