Canada Infrastructure Bank commits to Avenue Living Asset Management

The Canada Infrastructure Bank (CIB) and Avenue Living Asset Management, a multifamily REIT, have entered into an agreement to commit C$150 million ($115 million) toward sustainable retrofit projects in low-density residential buildings across Western Canada.

Under the agreement, the CIB’s investment will represent 80 percent of the overall capital value of the work. The timing of this investment coincides with Avenue Living’s corporate commitment to reduce greenhouse gas emissions while collectively addressing the Canadian prairie’s aging housing supply. The funds are expected to improve the living conditions for thousands of Canadians.

Avenue Living’s multifamily residential business serves a significant segment of Canada’s lower- and middle-income workforce, known as the workforce housing rental segment. Specializing in Canada’s existing rental base, the company owns and operates more than 500 medium-density buildings, consisting of more than 14,400 apar