Canadian education management company CIBT Education Group Inc (TSX: MBA) has signed a purchase and sale agreement with a local developer for three Vancouver properties earmarked for student housing. The transaction’s value is $32.4 million. The deal follows a comparable $44 million acquisition completed last month. Founded in 1994, CIBT Education owns and operates a network of business, technical and language colleges. It has been a portfolio investment of U.S. private equity firm Camden Partners since 2007.
CIBT Education Group Acquires Second Student Housing Property for $32.4 Million
Vancouver, British Columbia CANADA, Jun 02, 2014 (Filing Services Canada via COMTEX) — CIBT Education Group Inc. CA:MBA -1.15% (otcqx international:MBAIF), (“CIBT Group”) is pleased to report that it has signed a Purchase and Sale Agreement with a Vancouver, BC based developer for the purchase of three adjoining properties in the Greater Vancouver area and the development thereon of student centric serviced apartments. This project is in addition to the $44 million dollar project that was announced on May 12th, 2014. As with the first project, this project is targeted towards domestic and foreign students studying in the Lower Mainland, and is located within 2 minutes of a Sky-train station. The project announced on May 12th is an approximate 5 minute walk from the Sky-train station but is larger in scale.
This latest site is also part of Global Education City’s (“GEC”) student housing arm which will be capable of handling approximately 240 students during the academic season from September to June, and up to 480 students during the summer camp season from July to August. Total development budget is $32.4 million when fully constructed and furnished. All GEC serviced apartments or hotels will be fully furnished, and will be equipped with state-of-art personal identification system for security access and debit card purposes. Tailored optional services, such as pre-scheduled housekeeping, daily meal services delivered to the unit, weekend tour packages, on-site tutoring, airport pick-up and school shuttles are just a few of the many services that will be
available at all GEC education themed real estate projects.
“We have been working with international students from 42 countries and owning a large number of schools in three continents for 20 years. We have learned many important priorities from parents sending their children to study abroad,” commented Toby Chu, President, Chief Executive Officer and Vice Chairman of CIBT Education Group Inc. “In 2013 alone, we dealt with over 9,000 home stay students per year. The quality of home-stay families, security issues, safety concerns when commuting to and from school, as well as proper meal plans and weekend activities are some of the many concerns of students’ parents. Armed with this knowledge and experience, CIBT Group is in an excellent position to address these concerns by establishing a network of high quality, clean and safe serviced apartments and student hotels for students coming to study in Vancouver, thereby eliminating the worries for parents.”
About CIBT Education Group:
CIBT Education Group Inc. is an education management company focused on the global education market since 1994. Listed in Canada on the Toronto Stock Exchange and in the U.S on the OTCQX International, CIBT Group owns and operates a network of business, technical and language colleges in North America and Asia. CIBT Group offers cooperative joint programs in 12 countries with campuses, recruitment offices and training centers enrolling over 6,000 students annually. Its education business is operated through Sprott Shaw College (established in 1903) and Acsenda School of Management in Canada, CIBT School of Business and Beihai International College in China, and Global Education Alliance Recruitment Centers in other overseas
countries. Through these subsidiaries, CIBT Group offers Western and Chinese accredited business and management degrees, programs in college preparation, healthcare, hotel management and tourism, English language training, junior and high school preparation programs for overseas study, and other career/vocational training. CIBT Group also owns Irix Design Group, a leading design and advertising company based in Vancouver, Canada, Global Education Alliance (“GEA”) and Global Education City Holdings Inc (“GEC”). GEA recruits international students for selected elite kindergarten, primary, secondary schools, colleges and universities in North America. GEC is an investment holding and management company with a special focus on education related real estate projects in Canada. Visit us online at www.cibt.net .
For more information contact:
Vice-Chairman, President and CEO
CIBT Education Group Inc.
Investor Relations Contact: 1-604-871-9909 extension 318 or Email: email@example.com
CIBT EDUCATION GROUP INC.
Suite 1200, 777 West Broadway Vancouver, BC V5Z 4J7
Tel: 604.871.9909 Fax: 604.871.9919
Email: firstname.lastname@example.org Web: www.cibt.net
To view this press release as a PDF file, click onto the following link:
Source: CIBT Education Group Inc. (MBA – TSX) (MBAIF – OTCQX) http://www.cibt.net
Photo courtesy of Shutterstock