CIB closes $50 million loan with Dream Industrial REIT to fund large-scale commercial building upgrades
- Dream Industrial to retrofit 34 industrial buildings in Alberta, Ontario and Quebec
- Building upgrades include: solar photovoltaics; mechanical, electrical and air-handling systems; and building envelopes
- Expected to create approximately 630 jobs and generate 14,500 MWh of clean electricity from solar panels
TORONTO – The Canada Infrastructure Bank (CIB) and Dream Industrial Real Estate Investment Trust (TSX:DIR.UN) have finalized a $50 million loan to fund commercial property retrofits related to energy efficiency savings and emissions reductions at 34 warehouses in Alberta, Ontario and Quebec.
With buildings currently accounting for 18% of Canada’s total emissions, investments from the CIB help to prioritize and accelerate building upgrades to help meet Canada’s energy use goals.
The CIB’s investment will support upgrades to mid- and large-bay warehouses used for urban logistics, light industrial and distribution. Building upgrades include: mechanical and electrical systems, renewable energy generation, heating, ventilation and air conditioning systems, fuel switching, energy management technology, building envelope and electric vehicle charging.
The projects are expected to create approximately 630 jobs and generate 14,500 MWh of clean electricity from installed renewable power generation such as solar panels.
Dream Industrial REIT is part of the Dream Group of Companies, which was the first real estate group in Canada to receive a loan in 2022 as part of the CIB’s Building Retrofits Initiative.
Dream Industrial’s new initiative is proof that our building retrofits program is succeeding in helping Canada’s building owners to upgrade their properties and reduce energy use, at scale. By working with leaders in the Canadian real estate sector, we are supporting forward thinking companies interested in improving the communities within which they own properties through more efficient use of energy resources.
The CIB’s partnership with Dream Industrial will cut emissions and lower energy costs of commercial buildings across Alberta, Ontario and Quebec. As a nation of builders, our government is making the needed investments in infrastructure that strengthens businesses and creates more jobs, so that we can build the strongest economy in the G7.
We are excited to partner with the CIB to complete large-scale energy efficiency improvements across our Canadian industrial portfolio. Investing in high-impact retrofits, including solar installations, aligns with Dream Industrial’s strategy to invest in opportunities that produce attractive returns while improving the sustainability and resiliency of our assets, and help reduce emissions to accelerate the transition to a low-carbon built environment.
