- What CIB provides $70m loan to CAPREIT
- Why The company will use the funds to retrofit 60 properties
- What’s next The efforts are aimed at reducing emissions at the properties
Canadian Apartment Properties REIT has received a $70m loan from Canada Infrastructure Bank to fund renovations aimed at reducing carbon emissions at 60 multi-residential buildings.
Mark Kenney, president and CEO of CAPREIT, said the loan will allow the company to retrofit about one-third of its Canadian apartment portfolio. Work will include installing high-efficiency heat pumps and upgrades to automated systems and lighting.
CAPREIT estimates the upgrades will result in a 40% reduction in emissions at the properties.
Terms of the loan, which is part of the Building Retrofits Initiative, prevent CAPREIT from raising rents or imposing additional utility burdens on existing tenants.
