CIBT Subsidiary Signs Formal Agreement to Purchase the 15th and 16th GEC Branded Buildings in Metro Vancouver

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[{"type":"text","content":"CIBT Subsidiary Signs Formal Agreement to Purchase the 15th and 16th GEC Branded Buildings in Metro VancouverVANCOUVER, BC / ACCESSWIRE / June 9, 2020 / CIBT Education Group Inc. (TSX:MBA)(OTCQXl:MBAIF) (\"CIBT\" or the \"Company\") is pleased to report that one of its subsidiaries has signed a binding agreement to purchase two apartment buildings located in Metro Vancouver (\"GEC® Project #11\"). This transaction marks the eleventh GEC® branded project in Metro Vancouver comprising, upon closing, a total of sixteen buildings located in Burnaby, Vancouver, Richmond and Surrey. This transaction scheduled to close in August 2020, subject to the satisfactory completion of the purchaser's due diligence review and the satisfaction of other conditions precedent. These two buildings are four-years-old, concrete construction and have the capacity to accommodate up to 245 students and other occupants. Further details will be disclosed after closing.\"With the pending addition of two more GEC® properties, our portfolio continues to scale, allowing us to provide accommodations and support for the soaring demand of rental properties in Vancouver,\" said Toby Chu, Chairman and CEO of CIBT Education Group. \"As students face a precarious situation, and major universities in metro Vancouver can no longer provide accommodations due to COVID-19, the addition of 245 beds is welcome as it allows for a much-needed increase in supply to the market.\"Since beginning our student housing platform in 2014, we have strategically acquired and built rental properties in the Greater Vancouver Area because we believed the demand for student housing accommodations would far outpace the supply,\" continued Toby Chu. \"Upon the completion of this transaction, our portfolio will sit at 1.5 million net leasable square feet, with a cost base inclusive of the development budget of nearly $1 billion and projected exit value of $1.408 billion, making us the largest privately funded student housing provider in Western Canada. The expanded portfolio allows us to continue scaling our marketing, recruitment, reservation and operations platforms and provide the necessary supply of beds and student services for the demographic trends we are seeing. A snapshot of our portfolio of residences shows how far we have come since the launch of GEC®.\"A recap of...

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