CIBT Reports Receipt of Design Panel Approval to Construct GEC Education Mega Center™ in Surrey
Vancouver, B.C., July 31st, 2017 – CIBT Education Group Inc. (TSX: MBA, OTCQX International: MBAIF) (“CIBT” or the “Company”) is pleased to announce that the application to construct North America’s first and only Education Mega Center in downtown Surrey, B.C. has received approval of the Design Panel of the city’s planning department. Staff will submit its recommendation to Surrey City Council for further approval on September 11th, 2017.
The Design Panel approval was based on a 625 feet tall concrete tower with 55 stories (63 stories if several double height floors are factored in), approximately 550,000 square feet of mixed use retail, commercial, education, residential, hotel and amenity space. The site of the future GEC Education Mega Center™ is strategically located across the street from the Surrey campuses of Simon Fraser University and Kwantlan Polytechnic University. It sits directly across from the Surrey Central SkyTrain station and the public transit bus loop, and is steps away from a planned Light Rail Transit station.
The total budget for the Education Mega Center™ is approximately $271 million. Equity investment for phase 1 sold-out in February 2017, and equity financing for phase 2 will start shortly.
“We are very pleased with the efficiency of the City’s planning approval process,” commented Toby Chu, Chairman, President and CEO of CIBT Education Group, “Based on current data, the Education Mega Center™ will become the second tallest buildings in the Greater Vancouver area, approximately 30 to 100 feet taller than the Georgia Hotel Residence Tower, Sheraton Wall Centre and the recently completed Trump Tower, and about 20 feet shorter than the Shangri-La Hotel, all located in downtown Vancouver. Upon completion, the Education Mega Center™ will become an iconic landmark and the tallest building in the city of Surrey.”
Mr. Chu further commented, “In addition to its iconic status and its proximity to Simon Fraser University and Kwantlan Polytechnic University, there will be approximately 15 to 20 educational institutions within the Education Mega Center™ itself making it the ideal choice for students to study and live. The Education Mega Center™ will have hotel and residential facilities to house over 1,400 students and hotel guests, supporting amenities including an electronic library, cafeteria, computer centre, study areas, quiet lounges, fitness centre, yoga room, laundry room, meeting and video conference rooms, office space and a coffee/tea lounge at the 55th floor 600 feet above ground. The Education Mega Center™ is expected to add substantial value to the B.C. education sector by providing a turn-key platform for a variety of educational institutions wishing to expand their presence to B.C., enabling these institutions to capture a piece of the international education market by having a physical presence in Metro Vancouver. The hotel, serviced apartments and amenities of the Education Mega Center™ will create a clean, safe and convenient location for all visiting guests and students from across Canada and abroad.”
About CIBT Education Group:
CIBT Education Group Inc. is one of the largest education and student housing investment companies in Canada, focused on the global education market since 1994. Listed on the Toronto Stock Exchange and U.S OTCQX International, CIBT owns business and language colleges, student housing properties, recruitment centers and corporate offices at 44 locations in Canada and abroad. Total annual enrollment for the group exceeds 15,000 students. Its education providers include Sprott Shaw College (established in 1903), Sprott Shaw Language College, Sprott Shaw College International, Urban International School (Toronto), Vancouver International College and CIBT School of Business. Through these schools, CIBT offers business and management programs in healthcare, hotel management, language training, Ontario high school diploma and over 150 career, language and vocational programs. CIBT’s property investments are held by Global Education City Holdings Inc., an investment holding and management company focused on developing education related real estate such as student hotels, serviced apartments and education super centers totalling over $600 million. CIBT also owns Global Education Alliance (“GEA”) and Irix Design Group (“Irix Design”). GEA recruits international students for many elite kindergarten, 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.
Chairman, President and Chief Executive Officer
CIBT Education Group Inc.
Investor Relations Contact: 1-604-871-9909 extension 318 or | Email: email@example.com
Some statements in this news release contain forward-looking information (the “forward-looking statements”) about plans for GEC Education Mega Center™ in which CIBT has invested. Forward-looking statements are statements that are not historical facts and in this news release include, without limitation, statements as to the expected impact of GEC Education Mega Center™ upon its completion. 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 raise equity investment and secure other required funding to acquire the project, usual construction risks, and the ability to obtain all required municipal approvals. 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.