Business
Global Education Communities Corp. Signs MOU to Add GEC Kingsway to its Real Estate Portfolio
VANCOUVER, BC / ACCESSWIRE / September 11, 2023 / Global Education Communities Corp (" GECC " or...
About this update from Global Education Communities Corp
[{"type":"text","content":"Global Education Communities Corp. Signs MOU to Add GEC Kingsway to its Real Estate PortfolioVANCOUVER, BC / ACCESSWIRE / September 11, 2023 / Global Education Communities Corp (\"GECC\" or the \"Company\") (TSX:GEC)(OTCQX International:GECSF) is pleased to announce that the Company has signed a Memorandum of Understanding (the \"MOU\") to deploys its new business segment, called the Master Lease Partnership Program (\"MLPP\"), first announced in its news release of September 5, 2023. The MOU details the business terms for GECC's subsidiary, GEC® Living, to master lease approximately 80,000 gross buildable square feet of market rental apartments from a local developer. Preparation of the formal lease agreement is underway. GECC plans to deploy these new units as GEC® branded student housing facilities, adding approximately 260 beds to the Company's existing 1,500 student beds portfolio. The launch date for GEC® Kingsway is expected to be in February 2024. It will become the 14th GEC®-branded building, including those in operation and under development.GEC® Kingsway is a new facility located near a SkyTrain station in the centre of Metro Vancouver. The facility is currently under construction, with an expected possession date of February 2024. GEC® Kingsway is a 10 to 15-minute bus ride to several major colleges and universities, including the Vancouver Community College King Edward Campus, Emily Carr University of Art + Design, British Columbia Institute of Technology Burnaby, and the Sprott Shaw College East Vancouver and Burnaby Campuses. Travel time to downtown Vancouver via SkyTrain is less than 10 minutes, where hundreds of public and private colleges and universities, including the University of British Columbia (Robson Square Campus) and Simon Fraser University (Downtown Campus), Sprott Shaw College's international campus, Sprott Shaw Language College and Vancouver International College, are located.The new GEC® Kingsway property will follow GEC® Living's operating model with fully furnished rooms, weekly housekeeping, security surveillance cameras and digital locks throughout the public areas, and amenities such as student lounges and a fitness centre.\"We are excited to launch our MLPP business model with the master lease of GEC® Kingsway and leverage our student housing plat...