VANCOUVER, BC / ACCESSWIRE / February 21, 2023 / CIBT Education Group Inc. ("CIBT" or the "Company") (TSX:MBA)(OTCQX:MBAIF) is pleased to report that GEC® King Edward has entered the final stages of its completion phase. The occupancy inspection of the project is expected to start in March 2023. The leasehold improvement and furniture installation will follow issuance of the occupancy permit.
GEC® King Edward is located at the centre point of Vancouver on Cambie Street, half a block east of West King Edward Avenue and less than 80 metres from the King Edward SkyTrain station. Students can commute to various destinations in Vancouver, including the University of British Columbia campus, Langara College and many universities and colleges within 5 to 30 minutes by SkyTrain or bus. Upon completion, the project will add 48,000 gross buildable square feet to CIBT's real estate portfolio and will offer 44 family-size apartment and townhouse units that accommodate up to 190 tenants.
Since September 2022, GEC® King Edward has received many inquiries from local school partners and direct bookings through various social media platforms. By November 2022, approximately four months before expected possession, the initial vacancy rate for this property was already near zero, with a growing waitlist. Please visit https://cibt.net/gallery/gec-king-edward/ to view images of the anticipated furnished suites at GEC® King Edward.
"We are eager to take possession of GEC® King Edward," said Toby Chu, Chairman, President and Chief Executive Officer of CIBT Education Group. "GEC® King Edward will provide accommodations to roughly 190 students with projected annual revenue of $3.2 million, which will help to service the needs of at least some of the ten public and private colleges and universities operating in Metro Vancouver.
"According to a CMHC (Canada Mortgage and Housing Corporation) report1 published on January 26, 2023, the vacancy rate for purpose-built rental apartments has dropped to 0.9% from the previous year's 1.2%, while Rent.ca's February 2023 report2 shows the rental rate for a one-bedroom apartment in Vancouver has increased 24.2% year-over-year, making Vancouver the most expensive rental city in Canada. CIBT will continue to execute its rental development strategies to add inventory to the rental supply as soon as feasible."
About CIBT Education Group:
CIBT Education Group Inc. is one of Canada's largest education and student housing investment companies focused on the domestic and global education market since 1994. CIBT owns business and language colleges, student-centric rental apartments, recruitment centres and corporate offices at 41 locations in Canada and abroad. Its education subsidiaries include Sprott Shaw College Corp. ("SSCC") (established in 1903), Sprott Shaw Language College ("SSLC"), Vancouver International College Career Campus ("VIC") and CIBT School of Business & Technology Corp. ("CIBT China"). CIBT offers over 150 educational programs in healthcare, business management, e-commerce, cyber-security, hotel management, and language training through these schools. In 2022, CIBT serviced over 10,000 domestic and international students through its educational and rental housing subsidiaries.
CIBT owns Global Education City Holdings Inc. ("GECH"), an investment holding and development company focused on education-related real estate such as student-centric rental apartments, a hotel and education super-centres. Under the GEC® brand, GECH provides accommodation services to 90 schools in Metro Vancouver, serving 3,000 students from 71 countries. The total portfolio and development budget under the GEC® brand is nearly $1.3 billion.
CIBT also owns Global Education Alliance Inc. ("GEA") and Irix Design Group Inc. ("IRIX"). GEA recruits international students for elite kindergartens, primary and secondary schools, colleges and universities in North America. Irix Design is a leading design and advertising company based in Vancouver, Canada. Visit us online and watch our corporate video at www.cibt.net.
For more information, contact:
Toby Chu
Chairman, President & CEO
CIBT Education Group Inc.
Investor Relations Contact: 1-604-871-9909 extension 319 or | Email: [email protected]
FORWARD-LOOKING STATEMENTS
Some statements in this news release contain forward-looking information (the "forward-looking statements") about CIBT Education Group Inc. and its plans. Forward-looking statements are statements that are not historical facts. Forward-looking statements in this news release include, without limitation, that the occupancy inspection of GEC® King Edward is expected to start in March 2023 and that CIBT will continue to execute its rental development strategies to add inventory to the rental supply as soon as feasible. The forward-looking statements are subject to various risks, uncertainties and other factors (collectively, the "Risks") that could cause CIBT's actual results or achievements to differ materially from those expressed in or implied by forward-looking statements. The Risks include, without limitation, national and global economic factors, customary risks of the construction industry, unexpected delays or requirements of the applicable municipalities, and other risk factors identified in the Company's management's discussion and analysis for the period ended November 30, 2022 which is filed under the Company's profile on SEDAR (www.sedar.com). Forward-looking statements are based on the beliefs, opinions and expectations of CIBT's management at the time they are made, and CIBT does not assume any obligation to update its forward-looking statements if those beliefs, opinions or expectations, or other circumstances should change, except as may be required by law.
2 https://rentals.ca/national-rent-report
SOURCE: CIBT Education Group Inc.