CIBT Provides Update on its Portfolio of Academic Assets and Real Estate Investments

About this update from Global Education Communities Corp

[{"type":"text","content":"CIBT Provides Update on its Portfolio of Academic Assets and Real Estate InvestmentsVANCOUVER, BC / ACCESSWIRE / September 15, 2022 / CIBT Education Group Inc. (TSX:MBA, OTCQX International:MBAIF) (\"CIBT\" or the \"Company\") is pleased to provide the following updates on its portfolio of academic assets and real estate investments.Overview of CIBT's Portfolio:College Enrollments: Sprott Shaw Language College has seen a surge in registrations and enrollments for the fall 2022 semester as Canada re-opened its borders for international students late last year, while Sprott Shaw College also saw a significant increase in domestic enrollment in 2021. Domestic and international students who may have placed their study plans on hold during the COVID pandemic are returning to campuses across the province, resulting in higher occupancy rates at GEC® rental properties and an increase in the Company's education revenue.GEC Education Mega Center® (\"EMC\"): EMC received rezoning approval on February 21st, 2021. The Company's subsidiary, Global Education City Holdings Inc. (\"Global Holdings\"), submitted development and building permit applications in late 2021 and is expecting a final reading date set by the City of Surrey before year-end, followed by construction permit approvals. The total construction budget, including land costs, now stands at $318 million.GEC® King Edward: 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 starts by 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 a projected value of $70 million after possession and stabilization. Several schools are entering into lease contracts with Global Holdings requesting large blocks of available rental units, leading to this property being nearly sold out before construction completes in December.GEC® Granville Hotel and Suites:Early in the COVID pandemic, the hospitality sector experienced a drop in occupancy rates due to the border closure. Since September 2021, GEC® Granville has experienced a substantial recovery, with revenue reaching a record high month at $1.265 million in July 2022, compared to the lowest point of $130...

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