CIBT provides an update on its portfolio of academic assets and real estate investments

VANCOUVER, BC /ACCESSWIRE/September 15, 2022/ CIBT Education Group Inc. (TSX: MBA, OTCQX International: MBAIF) (“ITTC“or the”Company“) is pleased to provide the following updates on its portfolio of academic assets and real estate investments.

Overview of CIBT’s portfolio:

  • College enrollment: Sprott Shaw Language College has seen an increase in enrollment and enrollment for the fall 2022 semester as Canada reopened its borders to international students late last year, while Sprott Shaw College has also experienced a significant increase in domestic enrollment in 2021. Domestic and international students who may have suspended their study plans during the COVID pandemic are returning to campuses across the province, resulting in higher occupancy rates at properties GEC® rental income and an increase in the Company’s education income.
  • GEC Education Mega Center® (“EMC”): EMC received rezoning approval on February 21st2021. The Company’s subsidiary, Global Education City Holdings Inc. (“Global holdings“), has submitted planning and building permit applications in late 2021 and expects a final reading date set by the City of Surrey before the end of the year, followed by building permit approvals. The total construction budget, including land costs, now stands at $318 million.
  • GEC® King Edward: Construction of GEC® King Edward began in January 2021. The company expects construction to be completed by December 2022, in time for the start of the 2023 spring semester, adding 200 beds and 48,000 gross buildable square feet to the wallet. The total construction budget, including the cost of the land, is approximately $45.4 million and a projected value of $70 million after possession and stabilization. Several schools are entering into lease agreements with Global Holdings requesting large blocks of available rental units, causing this property to be nearly sold out before construction ends in December.
  • GEC® Granville Hotel and Suites:At the start of the COVID pandemic, the hospitality industry saw declining occupancy rates due to border closures. Since September 2021, GEC® Granville has experienced a substantial recovery, with revenues reaching a record month at $1.265 million in July 2022, from the low point of $130,000 in September 2021, an almost tenfold recovery.
  • Other GEC® operational properties: Since the reopening of the Canadian borders, the occupancy rate has almost reached full capacity in all GEC® locations. Additionally, rental rates have increased significantly, surpassing pre-COVID levels.
  • New projects under study: A proposal to purchase a parcel of land in the Cambie Street corridor to build a ten-storey rental tower is under negotiation. Additionally, Global Holdings is discussing with potential partners an opportunity to acquire ownership of a major project in Metro Vancouver. Negotiations on these initiatives will continue in the coming weeks.

Toby Chu, President and CEO of CIBT, said, “Since launching Global Holdings in 2015, we have grown our real estate portfolio from one project to ten projects comprising 15 buildings. Seven of these buildings are fully operational and accommodate more than 1,000 tenants. The remaining properties are in various stages of development or construction, which we aim to complete in the coming years.

“Of the five GEC® projects under development, three properties are located near other major developments in Metro Vancouver, which the Company believes will add substantial value and appeal to the GEC® projects:

GEC Education Mega Center® will be located across from Simon Fraser University’s proposed expansion and planned development of two office towers in the central business district of Surrey, BC. See related news at https://dailyhive.com/vancouver/surrey-central-station-centre-block-redevelopment

The company and Global Holdings have appeared in various newspapers and online news portals. To view these articles, please visit the following links:

About CIBT Education Group:

CIBT Education Group Inc. is one of Canada’s largest education and student housing investment companies, focusing on the domestic and global education market since 1994. CIBT owns colleges of commerce and languages , student-centric rental apartments, recruiting centers and corporate offices in 45 locations across 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 owns Global Holdings, an investment holding and development company focused on education-related real estate such as student-centric rental apartments, hotels and education supercentres. 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.report.

Toby Chu

Chairman, President and CEO

CIBT Education Group Inc.

Investor Relations Contact: 1-604-871-9909 ext. 319 or | E-mail: [email protected]

Sources:

  1. https://dailyhive.com/vancouver/marine-gateway-2-pci-developments-8530-cambie-street-vancouver
  2. https://dailyhive.com/vancouver/oakridge-centre-redevelopment-vancouver-2018-design
  3. https://dailyhive.com/vancouver/surrey-central-station-centre-block-redevelopment

FORWARD-LOOKING STATEMENTS

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, the anticipated effects of planned construction projects near the GEC® projects, which a final reading date for the EMC project to be set by the City of Surrey before the end of the year, and that construction of GEC® King Edward will be completed by December 2022. Forward-looking statements are subject to various risks , uncertainties and other factors that could cause the actual results or achievements of CIBT to differ materially from those expressed or implied by the forward-looking statements. Forward-looking statements are based on the beliefs, opinions and expectations of the management of CIBT at the time where they are made, and CIBT undertakes no obligation to update its forward-looking statements if these beliefs, opinions ons or expectations, or other circumstances were to change, except as required by law.

THE SOURCE: CIBT Education Group Inc.

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