Global Education Communities Corp. Takes Possession of the 8th GEC® Branded Rental Property
Vancouver, B.C., May 30, 2023 – Global Education Communities Corp. (the “Company” or “GEC Corp.”) (TSX: GEC, OTCQX International: GECSF), is pleased to announce that its new GEC® branded property, GEC® King Edward, received its occupancy permit on May 29, 2023. The GEC® operations team has completed all the FFE (furniture fixture equipment) and smart-furniture installations, fibre-optic internet connections, security surveillance systems, decorating and other building occupancy preparations for a typical GEC® branded property. The first group of students is scheduled to start moving in on June 1, 2023, and the move-in schedules have been booked from June 1 to June 30, 2023.
GEC® King Edward is less than 80 metres from the Canada Line SkyTrain/subway station at Cambie Street and West King Edward Avenue. It is a five-storey concrete and wood construction with 48,140 gross buildable square feet and 44 residential units consisting of apartments and townhouses. The facility can accommodate approximately 188 residential tenants, which enables GEC® King Edward to potentially generate a gross annual revenue of approximately $3.2 million. While the total project cost is approximately $52 million, the market value of this property has increased substantially due to lower land acquisition costs that were incurred six years ago, complemented by attractive leased-up rates and near zero vacancies.
Photos of GEC® King Edward are available at: https://gechq.com/gallery/gec-king-edward/
A 3D virtual link of GEC® King Edward is available at: http://360wp.irix.design/GEC/ke/
“Although it has taken us nearly six years to complete this project from land acquisition to development completion, we are pleased with the quality of workmanship and design, location, and market demands for our 8th GEC® branded building,” commented Toby Chu, Chairman, President and Chief Executive Officer of GEC Corp. “The substantial demands caused this property to be nearly leased up five months before completion by GEC Corp.’s network of partner schools and direct bookings placed by individual students worldwide. As of today, there is limited vacancy available at this property. The GEC® King Edward project is a testament to our fully integrated business model of (i) designing a property, (ii) supervising the required construction, (iii) leasing and operating the property, (iv) overseeing the property for a certain period to achieve substantial long-term returns, and (v) eventually executing an exit strategy pending favourable business terms.”
About GEC Corp.:
GEC Corp. is one of Canada’s largest education and student housing investment companies focused on the domestic and global education market since 1994. GEC Corp. 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”). GEC Corp. offers over 150 educational programs in healthcare, business management, e-commerce, cyber-security, hotel management, and language training through these schools. In 2022, GEC Corp. serviced over 13,000 domestic and international students through its educational, rental housing and recruitment subsidiaries.
GEC Corp. 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 92 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.
GEC Corp. 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.GEChq.com.
For more information, contact:
Toby Chu
Chairman, President & CEO
Global Education Communities Corp.
Investor Relations Contact: 1-604-871-9909 extension 319 or | Email: info@GEChq.com
FORWARD-LOOKING STATEMENTS
Some statements in this news release contain forward-looking information (the “forward-looking statements“) about GEC Corp. 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 first students will begin moving into GEC® King Edward starting June 1, 2023 and that GEC® King Edward has the potential to generate a gross annual revenue of approximately $3.2 million. The forward-looking statements are subject to various risks, uncertainties and other factors (collectively, the “Risks”) that could cause GEC Corp.’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, the ability to keep GEC® King Edward fully leased, customary risks of the construction industry, unexpected delays or requirements of the applicable municipalities, and the other risk factors identified in the Company’s management’s discussion and analysis for the interim period ended February 28, 2023 which may be found under the Company’s profile on the SEDAR website (www.sedar.com). Forward-looking statements are based on the beliefs, opinions and expectations of GEC Corp.’s management at the time they are made, and GEC Corp. 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.