VANCOUVER, BC /ACCESSWIRE/September 26, 2022/ CIBT Education Group Inc. (TSX:MBA), (OTCQX:MBAIF) (“ITTC“or the”Company“) is pleased to announce that the Company’s wholly owned subsidiary, Global Education City Holdings Inc (“GECH“) was featured in “Dailyhive”, an online news portal, in an article titled “200 student housing beds to open at King Edward SkyTrain station in Vancouver in 2023”, on September 20e2022.
The Dailyhive article reports that many students are struggling to find safe and affordable accommodation in today’s rental market. An article in the “Vancouver Sun” notes that “UBC has beds for 28% of students enrolled in courses, while SFU has beds for 7.5%”.(1) This is not just a problem for students in big cities. Residence halls in Kelowna and Hamilton, for example, face the same critical shortage as international enrollment continues to grow, with nearly 450,000 study permits issued in 2021.(2).
“Our rental properties, including GEC® Granville, GEC® Marine Gateway, GEC® Viva, GEC® Burnaby Heights and GEC® Pearson, provide approximately 1,080 beds to students and other rental communities,” commented Toby Chu, President, President , and CEO of CIBT. “As of early April 2022, most of these establishments have been operating at full capacity, and the average daily rate has reached historically high levels.
“Construction of GEC® King Edward began in January 2021. The company expects construction to be completed by December 2022, in time for spring semester 2023 starts, adding 200 beds and 48,000 sq. ft. gross buildable square footage to the portfolio Total construction budget, including cost of land, is approximately $45.4 million and will have a projected value of $70 million after possession and stabilization Several schools enter into lease agreements with GECH, requesting large blocks of rental units available, causing this property to be nearly sold out before construction Other GEC® branded projects in development include GEC® CyberCity, GEC Education Mega Center®, GEC Education Super Center® and GEC® Oakridge which will add a total of approximately 1,800 new beds to the entire rental portfolio, totaling 3,080 beds upon completion.”
To view the Dailyhive article, please visit https://dailyhive.com/vancouver/gec-king-edward-student-housing-431-king-edward-avenue-vancouver?s=08.
About CIBT Education Group:
CIBT Education Group Inc. is one of the largest education and student housing investment companies in Canada. Canada and abroad. Its education subsidiaries include Sprott Shaw College Corp. (“SSCC“) (established 1903), Sprott Shaw Language College (“SSLC“), Vancouver International College Career Campus (“CIV“) and CIBT School of Business & Technology Corp. (“ITTC ChinaCIBT offers more than 150 educational programs in health, business management, e-commerce, cybersecurity, hotel management, and language training through these schools. In 2021 , CIBT has served over 10,000 domestic and international students through its educational housing and rental subsidiaries.
CIBT is the owner of Global Education City Holdings Inc. (“GECH“), an investment and development holding company focused on education-related real estate, such as student-centric rental apartments, hotels and education super-centres. Under the GEC® brand, GECH provides accommodation services to 90 schools in Metro Vancouver, serving 1,500 students from 71 countries. The total portfolio and development budget under the GEC® brand exceeds $1.5 billion.
CIBT also owns Global Education Alliance Inc. (“GEA“) and Irix Design Group Inc. (“IRIXGEA recruits international students for many elite kindergartens, elementary and secondary schools, colleges and universities across North America. Irix Design is a leading design and advertising firm based in Vancouver, Australia. Canada Visit us online and watch our corporate video at www.cibt.net.
Chairman, President and CEO
CIBT Education Group Inc.
Investor Relations Contact: 1-604-871-9909 ext. 319 or | E-mail:[email protected]
Certain statements in this press release contain forward-looking information (the “forward-looking statements“). Forward-looking statements are statements that are not historical facts. Forward-looking statements in this press release include, but are not limited to, that construction of GEC® King Edward will be completed by December 2022, and the number of beds that will be created upon completion of the GEC® projects currently under construction. Forward-looking statements are subject to various risks, uncertainties and other factors that could cause CIBT’s actual results or achievements to differ materially from those expressed or implied by forward-looking statements.-Forward-looking statements are based on the beliefs, opinions and expectations of CIBT’s management at the time they are made, and CIBT undertakes no obligation to update its forward-looking statements if these beliefs, opinions or expectations, or other circumstances were to change, except as required by law.
THE SOURCE: CIBT Education Group Inc.