VANCOUVER, June 18, 2019 /CNW/ - CIBT Education Group Inc. ("CIBT") (TSX: MBA, OTCQX International: MBAIF) is pleased to report that GEC Oakridge II Limited Partnership has received a conditional subscription from an overseas investment fund for an equity investment of US$8 million (approx. CAD$10.7 million). Upon closing of the subscription, the net proceeds (after payment of CIBT's development fee) will be invested by GEC Oakridge II Limited Partnership into GEC Oakridge Limited Partnership, the operating entity for the GEC Oakridge project. The closing of this investment is expected to occur before the end of July 2019, subject to finalization of the investment structure.
"We are pleased with the level of support we have seen during this successful financing," said Toby Chu, CEO, President and Chairman of CIBT Education Group. "GEC Oakridge will be a flagship building located at the centre of the City of Vancouver within the Cambie Corridor Plan. This location is only minutes away from the Oakridge SkyTrain station making it a desirable location for both domestic and international students.
"After carefully evaluating CIBT's business model of providing top of the line education programs along with a robust portfolio of student housing in Metro Vancouver, this overseas institutional investor decided to invest into our latest project. GEC Oakridge is yet another example of our growing portfolio of student housing developments in the Metro Vancouver area. As our portfolio continues to expand, our rental and development revenue are quickly becoming substantial recurring revenues in nature given the ever increasing demand and the restricted supply of available rental units in the Metro Vancouver market."
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 centres and corporate offices at 43 locations in Canada and abroad. Total annual enrollment for the group exceeds 12,000 students. Its education providers include Sprott Shaw College (established in 1903), Sprott Shaw Language College, Vancouver International College and CIBT School of Business. Through these schools, CIBT offers business and management programs in healthcare, hotel management, language training, and over 150 career, language and vocational programs. CIBT owns Global Education City Holdings Inc., an investment holding and development company focused on developing education-related real estate such as student hotels, serviced apartments and education super centres. Total portfolio and development budget of projects under the GEC® brand is more than C$1 billion. CIBT also owns Global Education Alliance ("GEA") and Irix Design Group ("Irix Design"). GEA recruits international students on behalf of many elite kindergarten programs, primary and secondary schools, and 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.
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) the planned equity investment in GEC Oakridge II Limited Partnership and its investment of the net proceeds, after payment of CIBT's structuring fee, in GEC Oakridge Limited Partnership. The forward-looking statements are subject to various risks, uncertainties and other factors that could cause CIBT's actual results or achievements to differ materially from those expressed in or implied by forward-looking statements, including but not limited to the finalization of an investment structure acceptable to the investor and the acceptance of the subscription by GEC Oakridge II Limited Partnership. 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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