Business
CIBT Education Group Provides Project Financing Update
Vancouver, British Columbia--(Newsfile Corp. - March 2, 2020) - CIBT Education Group Inc. (TSX...
About this update from Global Education Communities Corp
[{"type":"text","content":"CIBT Education Group Provides Project Financing UpdateVancouver, British Columbia--(Newsfile Corp. - March 2, 2020) - CIBT Education Group Inc. (TSX: MBA) (OTCQX: MBAIF) (\"CIBT\" or the \"Company\") is pleased to provide the following update relating to various financing activities for CIBT and its GEC® portfolio.As of the second quarter ending February 29th, 2020, the following financing activities were completed by CIBT and by CIBT subsidiaries in connection with GEC®:GEC® Education Mega Center completed mortgage re-financing of $33 millionGEC® Oakridge completed new mortgage financing of $22.5 million for the acquisition of three propertiesGEC Oakridge Limited Partnership completed an additional $1.4 million in equity subscriptionsGEC® CyberCity completed mortgage re-financing of $15 millionGlobal Education City (Richmond) Limited Partnership completed $5 million in equity subscriptionsGEC® Granville completed an additional mortgage financing of $5.75 millionCIBT Education Group Inc. completed an additional $0.86 million convertible debt private placement financing in Q2, 2020During the first six months of fiscal 2020, total corporate finance activities of CIBT and its subsidiary limited partnerships have exceeded $83 million with convertible debt, equity and mortgage financing combined.\"As our education real estate portfolio continues to grow and appreciate in value, we have been able to increase our financial resources by re-financing a number of properties in this low-interest rate environment,\" said Toby Chu, Chairman and CEO of CIBT Education Group. \"When we initially saw an opportunity to invest in and building student housing accommodations a few years ago, our thesis was that the lack of available supply combined with demand from both domestic and international students would drive property values up. This not only remains our continued belief but with additional resources available to us, we can expand our core businesses of education and real estate.\"About CIBT Education Group:CIBT Education Group Inc. is one of the largest education and student housing investment companies in Canada focused on the global education market since 1994. Listed on the Toronto Stock Exchange and U.S OTCQX International, CIBT owns business and language colleges, student housing properties, recruitment ce...