CIB provides C$70 million financing to CAPREIT to retrofit 60 multi-residential buildings
On May 1, 2024, Canada Infrastructure Bank (“CIB”) reached financial close on a C$70 million loan to Canadian Apartment Properties Real Estate Investment Trust (“CAPREIT”) to finance deep energy and decarbonization upgrades at selected buildings.
The loan is part of CIB’s Building Retrofits Initiative, a program designed to help to close economic gaps associated with deep energy retrofit projects that are not typically economically viable with traditional sources of capital. Planned building upgrades include energy recovery among various mechanical systems, installation of high-efficiency electric heat pumps, as well as building automation systems, lighting retrofits and sub-metering. The installation of new energy conservation equipment is planned to benefit residents living in approximately 14,000 suites.
The projects are expected to result in the significant reduction of greenhouse gas (GHG) emissions annually, with an estimated 4% average decrease in emissions across the retrofitted properties. The retrofitting of existing buildings, which represent a sizeable proportion of GHG emissions across Canada, is critical to the achievement of the country's climate-related plans and targets.
To date, CIB has invested more than C$1.2 billion in sustainable building retrofits across the country.
Further information can be found on Canada Newswire’s website.
CAPREIT is Canada's largest publicly traded provider of quality rental housing. As at December 31, 2023, it owns approximately 64,300 residential apartment suites, townhomes and manufactured home community sites that are well-located across Canada and the Netherlands, with approximately C$16.5 billion of investment properties in Canada and Europe.
CIB is an impact investor deploying C$35 billion to develop the next generation of infrastructure Canadians need.