VANCOUVER, BC / ACCESSWIRE / January 5, 2021 / CIBT Education Group Inc. (TSX:MBA)(OTCQX:MBAIF) ("CIBT" or the "Company") is pleased to provide an update on the GEC King Edward® project (the "Project"). In October 2017, GEC King Edward Limited Partnership acquired three parcels of land to develop student-centric rental apartments to be combined with allocated floors for Vancouver's burgeoning corporate housing sector. The Project received rezoning approval on January 21, 2020 and the development permit on September 9, 2020. On October 16, 2020, the Project received both the building permit (stage 1) and construction financing approval. As a result, the demolition and pre-construction works are well underway, which will then be followed by construction works. The construction period will be approximately 18 months, slated for a mid-2022 completion.
"The Project has been progressing on schedule and we are pleased that the construction of new rental apartments will commence soon," commented Toby Chu, Chairman, President and Chief Executive Officer of CIBT. "Due to the centralized location of this project and its proximity to the SkyTrain station, we will be adding a corporate housing component to this project by collaborating with global technology companies that either have a significant presence in Metro Vancouver or are looking to expand to the city. In 2021, we hope to continue rapidly developing our real estate segment in order to grow our tenant base and add more value to our rental-housing portfolio."
About GEC King Edward:
The Project is centrally located in Vancouver, approximately 120 metres from the Cambie Street and King Edward SkyTrain station. The Project is a four-storey rental apartment with six two-storey townhouses. GEC King Edward® is situated on the Canada Line SkyTrain route. The Project is only three SkyTrain stations from downtown Vancouver where hundreds of language schools, colleges and several universities are located. GEC King Edward® is two SkyTrain stations from Vancouver Community College (Langara Campus), and four stations from Richmond where the Vancouver International Airport, Kwantlen Polytechnic University, BCIT Aerospace Technology Campus, Sprott Shaw College (Richmond) and Trinity Western University are located. The Project comprises 46,072 gross buildable square feet and will accommodate approximately 180 occupants. The Project's total budget is approximately $44 million.
About CIBT Education Group:
CIBT Education Group Inc. is one of the largest education and student housing investment companies in Canada, focused on the domestic and the global education market since 1994. CIBT owns business and language colleges, student-centric rental apartments, recruitment centres and corporate offices at 47 locations in Canada and abroad. Its education subsidiaries include Sprott Shaw College (established in 1903), Sprott Shaw Language College, Vancouver International College and CIBT School of Business. CIBT offers over 150 educational programs in healthcare, business management, e-commerce, hotel management, and language training through these schools. The total annual enrollment for the group in 2019 exceeds 12,000 students.
CIBT owns Global Education City Holdings Inc. ("Global Holdings"), 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, Global Holdings provides accommodation service to 72 schools in Metro Vancouver, serving 1,500 students from 77 countries. The total portfolio and development budget under the GEC® brand exceeds $1.5 billion.
CIBT also owns Global Education Alliance ("GEA") and Irix Design Group ("Irix Design").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.
For more information, contact:
Toby Chu
Chairman, President & CEO
CIBT Education Group, Inc.
Investor Relations Contact: 1-604-871-9909 extension 319 or | Email: info@cibt.net
FORWARD-LOOKING STATEMENTS
Some statements in this news release contain forward-looking information (the "forward-looking statements") about CIBT and its plans. Forward-looking statements are statements that are not historical facts. Forward-looking statements in this news release include (without limitation) the expectation that construction of the Project will be completed in mid-2022. 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, including but not limited to usual construction risks, obtaining all necessary regulatory approvals, and the ability of the relevant limited partnership to raise further funds as they are needed. 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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