CIBT Subsidiary Advances Closing Conditions for the Acquisition of Two Buildings

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[{"type":"text","content":"CIBT Subsidiary Advances Closing Conditions for the Acquisition of Two BuildingsVANCOUVER, BC / ACCESSWIRE / October 1, 2020 / CIBT Education Group Inc. (TSX:MBA)(OTCQX:MBAIF) (\"CIBT\" or the \"Company\") is pleased to report that one of its new subsidiary limited partnerships has removed subject conditions and advanced an additional deposit for the acquisition of two residential buildings in Metro Vancouver (\"Project 11\"), first disclosed in the Company's news release of June 9th, 2020.The Company also reports the receipt of mortgage approval by a leading commercial lender at an annual interest rate of approximately 1.7% over ten years for Project 11. The parties are proceeding with the preparation of closing documents with a targeted closing date before the end of October 2020. Upon closing of this transaction, the GEC® portfolio, both operational and under development, will comprise of 11 projects and 16 buildings under the GEC® brand, with a total of 1.5 million square feet.\"We look forward to completing this transaction that was secured in June 2020 during the peak of the COVID-19 pandemic period,\" said Toby Chu, Chairman, President and CEO of CIBT Education Group. \"With interest rates remaining at all-time lows, this is an opportunistic time for us to continue acquiring under-valued residential assets and expand our portfolio. Both buildings have consistently produced an occupancy rate above 95% and will provide the GEC® portfolio with steady and recurring rental income immediately upon closing. With vacancy rates in the Metro Vancouver area consistently low at the 1% range, we remain focused on locating undervalued assets and transforming them into student-centric serviced apartments.\"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 45 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. Through these schools, CIBT offers over 150 educational programs in healthcare, business manageme...

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