Business
CIBT Education Group Provides Corporate Update on GEC Projects
Vancouver, British Columbia--(Newsfile Corp. - February 18, 2020) - CIBT Education Group Inc...
About this update from Global Education Communities Corp
[{"type":"text","content":"CIBT Education Group Provides Corporate Update on GEC ProjectsVancouver, British Columbia--(Newsfile Corp. - February 18, 2020) - CIBT Education Group Inc. (TSX: MBA) (OTCQX: MBAIF) (\"CIBT\" or the \"Company\") is pleased to provide the following update relating to various student housing projects under development that are controlled by CIBT.\"Below, we have highlighted our expansive and growing portfolio of student housing assets currently under development and the projected market value of each,\" said Toby Chu, Chairman and CEO of CIBT Education Group. \"With our core focus of becoming Canada's leading education real estate company, we remain committed to acquiring or developing world-leading student housing facilities that not only provide our company with growing and recurring revenues but solve the broader issue of a supply shortage in Greater Vancouver.\"Our existing education business remains an active part of our overall profile and will continue to support us moving forward,\" continued Toby Chu. \"We have combined two complementary businesses to provide education and available housing to a consistent student base, and to provide investors with a unique model that can be leveraged to increase shareholder value.\"GEC® Global Education City RichmondConstruction for this project is underway, with excavation having commenced in January 2020 The completion date is projected to be December 2022 This project is a 262,000 gross buildable square feet site under the GEC® brand, with one 11-level office tower and one 14-level market rental apartment towerThe goal is to accommodate up to 10 educational institutions in the office tower, share all the supporting amenities, with market rental apartments immediately next to the office tower designed for students, faculty and staff The total capacity is approximately 466 occupants, with a projected value of $252 million upon completionGEC® King EdwardConstruction for this project is scheduled to commence in the spring of 2020Rezoning has been approved, and a development permit has been issuedExcavation and building permit pending This project is a five-level concrete and wood-frame market rental apartment The total capacity is approximately 193 occupants, with a projected value of approximately $64 million upon completionGEC® CyberCityRezoning application for this...