VANCOUVER, BC / ACCESSWIRE / September 26, 2022 / CIBT Education Group Inc. (TSX:MBA), (OTCQX:MBAIF) (“CIBT” or the “Company“) is pleased to report that the Company’s wholly-owned subsidiary, Global Education City Holdings Inc (“GECH“) has been featured in “Dailyhive”, an online news portal, in an article titled, “200 beds of student housing to open at King Edward SkyTrain station in Vancouver in 2023”, on September 20th, 2022.
The Dailyhive article reports that many students are struggling to find safe and affordable housing in the current rental market. A “Vancouver Sun” article notes that “UBC has beds for 28 percent of students enrolled in classes, while SFU has beds for 7.5 percent.”(1) This is not just an issue for students in big cities. University residences in Kelowna and Hamilton, for example, are facing the same critical shortage as international enrolments continue to grow, with nearly 450,000 study permits issued in 2021(2).
“Our rental properties, including GEC® Granville, GEC® Marine Gateway, GEC® Viva, GEC® Burnaby Heights, and GEC® Pearson, provide approximately 1080 beds to the student and other rental communities,” commented Toby Chu, Chairman, President, and CEO of CIBT. “Since the beginning of April 2022, most of these properties have been at full capacity, and the average daily rate reached historically high levels.
“Construction of GEC® King Edward started in January 2021. The Company expects construction to be completed by December 2022, in time for the 2023 Spring semester starters, adding 200 beds and 48,000 gross buildable square feet to the portfolio. The total construction budget, including land cost, is approximately $45.4 million and will have a projected value of $70 million after possession and stabilization. Several schools are entering into lease contracts with GECH, requesting large blocks of available rental units, leading to this property being nearly sold out before construction completes in December. Other GEC® branded projects under development include GEC® CyberCity, GEC Education Mega Center®, GEC Education Super Center® and GEC® Oakridge which will add a total of approximately 1800 new beds to the entire rental portfolio, totalling 3080 beds upon completion”.
To view the Dailyhive article, please visit https://dailyhive.com/vancouver/gec-king-edward-student-housing-431-king-edward-avenue-vancouver?s=08.
About CIBT Education Group:
CIBT Education Group Inc. is one of Canada’s largest education and student housing investment companies, focused on the domestic and global education market since 1994. CIBT owns business and language colleges, student-centric rental apartments, recruitment centres and corporate offices at 45 locations in Canada and abroad. Its education subsidiaries include Sprott Shaw College Corp. (“SSCC“) (established in 1903), Sprott Shaw Language College (“SSLC“), Vancouver International College Career Campus (“VIC“) and CIBT School of Business & Technology Corp. (“CIBT China“). CIBT offers over 150 educational programs in healthcare, business management, e-commerce, cyber-security, hotel management, and language training through these schools. In 2021, CIBT serviced over 10,000 domestic and international students through its educational and rental housing subsidiaries.
CIBT owns Global Education City Holdings Inc. (“GECH“), an investment holding and development Company focused on education-related real-estate such as student-centric rental apartments, hotel and education super-centres. Under the GEC® brand, GECH provides accommodation services to 90 schools in Metro Vancouver, serving 1,500 students from 71 countries. The total portfolio and development budget under the GEC® brand exceed $1.5 billion.
CIBT also owns Global Education Alliance Inc. (“GEA“) and Irix Design Group Inc. (“IRIX“). GEA recruits international students for many elite kindergartens, primary and secondary schools, colleges and universities in North America. Irix Design is a leading design and advertising company based in Vancouver, Canada. Visit us online and watch our corporate video at www.cibt.net.
Chairman, President & CEO
CIBT Education Group Inc.
Investor Relations Contact: 1-604-871-9909 extension 319 or | Email:[email protected]
Some statements in this news release contain forward-looking information (the “forward-looking statements“). Forward-looking statements are statements that are not historical facts. Forward-looking statements in this news release include, without limitation, that construction of GEC® King Edward will be completed by December 2022, and the number of beds that will be created upon completion of GEC® projects currently under construction. The forward-looking statements are subject to various risks, uncertainties and other factors that could cause CIBT’s actual results or achievements to differ materially from those expressed in or implied by forward-looking statements. Forward-looking statements are based on the beliefs, opinions and expectations of CIBT’s management at the time they are made, and CIBT does not assume any obligation to update its forward-looking statements if those beliefs, opinions or expectations, or other circumstances should change, except as may be required by law.
SOURCE: CIBT Education Group Inc.
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