VANCOUVER, BC / ACCESSWIRE / January 20, 2021 / CIBT Education Group Inc. (TSX:MBA)(OTCQX:MBAIF) ("CIBT" or the "Company") is pleased to report that its subsidiary, GEC Oakridge Acquisition Limited Partnership, received approval for its GEC® Oakridge project (the "Project") from Vancouver City Council at the Public Hearing held on January 19, 2021. The Project will now enter the Final Reading phase - the Enactment of Bylaw. The Company will start the Development Permit application process immediately. After the Final Reading is complete, the Company will start the Building Permit application process. Construction may begin upon receipt of the Building Permit, which management currently expects to be issued in late 2021.
"We are pleased to be on track in moving to the next phase of the GEC® Oakridge project," commented Toby Chu, Chairman, President and CEO of CIBT. "The total development budget for the Project is approximately $103 million. Upon completion, our new building will accommodate four hundred and seventy-five occupants, which will generate significant rental income. As the Vancouver real estate market continues to recover from the global pandemic, we are expecting competitive construction costs, and the planned completion date of this building is timely for an anticipated full economic recovery in 2024."
About GEC® Oakridge:
GEC Oakridge Acquisition Limited Partnership purchased three parcels of land in March 2020. The total purchase price was $30.3 million, excluding closing costs. The Project's rezoning process with the City of Vancouver was ongoing throughout the pandemic. The Project received approval at the Public Open House in 2019 and Urban Design Panel, Council Reading 1 and 2 during 2020. The Project will be an 18 storey concrete residential rental tower that accommodates 475 occupants. The plan is to allocate the upper floors for corporate housing, and the lower floors will be student-centric rental apartments. GEC® Oakridge is located across the street from a significant development at the Oakridge Shopping Centre. The site location is a one-minute walk to the Oakridge subway station and less than a ten-minute walk to Langara College. Three subway stations toward the south is the City of Richmond, where the Vancouver International Airport and several colleges and universities are located. Four subway stations toward the north is downtown Vancouver. There are hundreds of schools, colleges, universities and technology companies in downtown Vancouver, a popular area for international students and technology sector workers. This development is expected to be completed in 2024.
About CIBT Education Group:
CIBT Education Group Inc. is one of the largest education, and student housing investment companies in Canada focused on the domestic and the global education market since 1994. CIBT owns business and language colleges, student-centric rental apartments, recruitment centres and corporate offices at 46 locations in Canada and abroad. Its education subsidiaries include Sprott Shaw College (established in 1903), Sprott Shaw Language College, Vancouver International College Career Campus and CIBT School of Business. CIBT offers over 150 educational programs in healthcare, business management, e-commerce, hotel management, and language training through these schools. In 2020, CIBT serviced over 11,000 students through its various subsidiaries.
CIBT owns Global Education City Holdings Inc. ("Global Holdings"), an investment holding and development company focused on education-related real-estate such as student-centric rental apartments, hotel and education super-centres. Under the GEC® brand, Global Holdings provides accommodation service to 72 schools in Metro Vancouver, serving 1,500 students from 77 countries. The total portfolio and development budget under the GEC® brand exceed $1.5 billion.
CIBT also owns Global Education Alliance ("GEA") and Irix Design Group ("Irix Design"). GEA recruits international students for many 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.
Some statements in this news release contain forward-looking information (the "forward-looking statements"). Forward looking statements are statements that are not historical facts and in this news release include, without limitation, statements about plans for the proposed GEC® Oakridge project and the expectation that it will generate significant rental income. The forward-looking statements are subject to various risks, uncertainties and other factors (collectively, "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, the ability to negotiate and enter into a binding agreement for the construction of the Project, the ability of GEC Oakridge Acquisition Limited Partnership to raise equity investment and secure other required funding to build the Project, usual construction risks, the ability to obtain all required municipal approvals and within the time expected by management, and the ability to fully rent the building upon its completion. 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.
SOURCE: CIBT Education Group Inc.
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