Business
Global Education Communities Corp. Deploys Additional Services to Add Student Beds and Expand Its Portfolio
VANCOUVER, BC / ACCESSWIRE / September 5, 2023 / Global Education Communities Corp (" GECC " o...
About this update from Global Education Communities Corp
[{"type":"text","content":"Global Education Communities Corp. Deploys Additional Services to Add Student Beds and Expand Its PortfolioVANCOUVER, BC / ACCESSWIRE / September 5, 2023 / Global Education Communities Corp (\"GECC\" or the \"Company\") (TSX:GEC)(OTCQX:GECSF) is pleased to announce that the Company has added a new business segment, called the Master Lease Partnership Program (\"MLPP\"), to complement its existing operations. The MLPP strategy is intended to expand GECC's revenue streams, complement its current corporate-owned student housing portfolio without deploying significant capital, and shorten the delivery time for student-bed deployments. The MLPP strategy allows GECC to capitalize on new business opportunities within the Canadian real estate industry that have arisen as a result of the current state of the housing shortage in Metro Vancouver and to drive further growth.To deploy the MLPP strategy, GECC is discussing with several developers to master-lease over 250,000 GBSF of residential rental facilities for five to ten years, adding approximately 800 beds to GECC's growing portfolio of 1,500 beds in Metro Vancouver. The facilities under review by GECC will be brand-new with a possession date of less than six months. These developers started developing and constructing rental buildings several years ago and are no longer interested in operating rental properties in today's environment, thus creating an opportunity for the MLPP.\"This partnership allows the developer to focus on construction and development instead of overseeing the daily operations of a rental property,\" commented Toby Chu, President, CEO and Chairman of Global Education Communities Corp. \"With a strong infrastructure, 30 years of experience in the education sector, complemented by nine years of student-housing experience, and supported by an expansive network of 2,000 agents globally, GECC is well-positioned to fill the rental property expeditiously and manage the student rental operations efficiently.\"Toby added, \"Due to the current housing crisis in Vancouver, we noticed the urgent need to rapidly and consistently deploy additional beds. However, the current development and construction cycle often takes five to seven years. The MLPP strategy provides GECC immediate access to new inventory in the development pipeline by partnering with several developers. In re...