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CIBT Group Provides Update on its GEC(R) Branded Real Estate Portfolio
VANCOUVER, BC / ACCESSWIRE / November 3, 2020 / CIBT Education Group Inc. (TSX:MBA)(OTCQX:MB...
About this update from Global Education Communities Corp
[{"type":"text","content":"CIBT Group Provides Update on its GEC(R) Branded Real Estate PortfolioVANCOUVER, BC / ACCESSWIRE / November 3, 2020 / CIBT Education Group Inc. (TSX:MBA)(OTCQX:MBAIF) (\"CIBT\" or the \"Company\"), a leading education and student housing provider, is pleased to provide an update on its GEC® branded real estate portfolio.The total GEC® branded portfolio comprises 11 projects, 16 buildings and over 1.5 million square feet of net rentable space. Upon completing the projects below, the total number of student beds will be approximately 3,260, with an estimated C$1.5 billion value.Project SummaryFully operational facilities:1. GEC® Viva Tower is a fully operational, seventeen-storey tower located in downtown Vancouver. This facility was sold to an institutional buyer in 2018 with a five-year leaseback agreement.2. GEC® Granville Hotel and Suites is a fully operational, twelve-storey concrete hotel and student accommodations located one block from GEC® Viva Tower.3. GEC® Burnaby Heights is a fully operational, four-storey concrete and wood-frame condominium near Simon Fraser University Burnaby.4. GEC® Pearson comprises two fully operational rental apartment towers, located in South Vancouver, at Cambie Street and West 60th Avenue.5. GEC® Marine Gateway comprises two fully operational rental apartment buildings that provide 245 beds, located less than 100 meters from the Marine Gateway SkyTrain station. The purchase was completed on October 27th, 2020.Projects under construction:6. GEC® Global Education City (Richmond) comprises an office tower and a rental apartment under-construction. This project is located at Richmond's heart, approximately 50 meters from the Lansdowne Mall SkyTrain station. The possession date is scheduled for early 2023.7. GEC® King Edward is a four-storey rental apartment under construction and located within 100 meters from the King Edward SkyTrain station. The possession date is Fall 2022.8. GEC® Kingsway is a GEC® branded rental building under construction and master-leased from the owner by Global Education City Management for 21 years. The project will be completed in 2023.Projects in rezoning phase:9. GEC® Cyber City - two office towers and a micro-suite hotel located approximately 100 meters from the Aberdeen Centre SkyTrain station.10. GEC&...