This signing takes place a year after Teranet entered into an agreement in principle with the Province of Manitoba in a deal that would see Teranet Manitoba own and operate TPR's Land Title and Personal Property registries on behalf of the Province over a 30-year term. Under the terms of the agreement, the operations and staff of TPR will be transferred to Teranet Manitoba, which will be headquartered in Winnipeg.
"We're excited to have the opportunity to work with the Office of the Registrar General and on behalf of the Province of Manitoba to continue delivering service excellence and accelerate the delivery of electronic services to TPR customers and end users," said Farewell. "We're confident that TPR's dedication to the integrity of Real and Personal Property records combined with Teranet's capabilities and experience in customer service delivery transformation will enhance end user satisfaction."
Teranet is set to provide the Province with an upfront payment of $75 million and annual royalties starting at an estimated $11 million per year, growing to an estimated $24 million by end of term. In addition, Teranet Manitoba will invest approximately $35 million in systems development to make property searches and registrations available through a much more convenient, faster and secure online system.
"This new agreement is an example of efforts to find new and innovative ways to run our government more efficiently and cost effectively," said Howard. "It means better service for the public, a stable revenue stream for the province, and a reduction in the size of government without putting any Manitobans out of work."
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. TPR will continue 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.
About Teranet
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 a network of over 80,000 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 over a decade of investment experience. Borealis manages approximately $10 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 and New York. Borealis is the infrastructure investment arm of OMERS, one of Canada's largest pension funds with net assets of more than CAD 60 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.
Contacts: Teranet Inc. Kate Woodley Communications Leader 416-360-8863, ext. 2170 kate.woodley@teranet.ca www.teranet.ca