08:35 AM EDT, 05/01/2024 (MT Newswires) -- Canadian Apartment Properties Real Estate Investment Trust (CAR-UN.TO), known as CAPREIT, said Wednesday that the Canada Infrastructure Bank approved a $70 million loan to the REIT, allowing it to finance deep energy and decarbonization upgrades at 60 buildings.

CAPREIT said it plans to install new energy conservation equipment that would benefit residents living in about 14,000 suites. The projects are expected to result in a 40% average decrease in emissions across the retrofitted properties.

"This loan will enable us to proceed with retrofitting approximately one-third of our existing Canadian apartment portfolio, which will significantly reduce its carbon emissions annually," said Mark Kenney, CAPREIT's president and CEO.

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 company said.

CAPREIT's share price rose 0.4% yesterday to $42.85.