Global Education Communities Corp. Formally Adds GEC Kingsway to Its Portfolio

VANCOUVER, BC / ACCESSWIRE / April 16, 2024 / Global Education Communities Corp. ("GECC" or the "Company") (TSX:GEC)(OTCQX:GECSF) is pleased to report that its subsidiary has signed a formal Master Lease Partnership Program agreement ("MLPP") with a local developer to master lease its property located at 4589 Gladstone Street (corner of Kingsway and Gladstone), Vancouver, B.C. This agreement is valid for five years with an option to renew for five more years. In addition to a discounted lease rate, GECC will be entitled to a future profit sharing in the event of a property sale during the lease period. The possession date for this property is expected to be June 1, 2024, and the property is expected to be fully operational under the GEC model by August 1, 2024.

About GEC Kingsway:

GEC Kingsway will be a six-storey building spanning nearly one city block, with over 103,000 buildable square feet and 78,000 SF residential area. The facility will accommodate 284 beds, with amenities including a fitness centre, student lounge, roof deck patio, and underground parking. Customary to all GEC branded properties, accommodations at GEC Kingsway will be fully furnished with kitchen utensils, bedding supplies, fibre optic internet, monitored surveillance, all utilities included, weekly housekeeping and resident caretakers.

Located at the corner of Kingsway Avenue and Gladstone Street, the future home of GEC Kingsway is on a main thoroughfare, approximately 8 minutes' walk from the Nanaimo SkyTrain station, and within 10 minutes of downtown Vancouver via SkyTrain, where hundreds of public and private institutions are located. In addition, GEC Kingsway is at the centre of Vancouver with easy access to Metrotown and BCIT in Burnaby, and Vancouver Community College on East Broadway in Vancouver.

Pictures of GEC Kingsway are available via this link: https://gechq.com/gallery/gec-kingsway/

"Since 2015, we have launched 15 GEC branded buildings including a downtown hotel, with over 1.43 million square feet of facilities, seven of which are currently in operation and seven under development; the hotel was sold in November 2023" said Toby Chu, Chairman, President and Chief Executive Officer of GECC. "Since the announcement of this property in September 2023, we have received many inquiries from GEC partner schools, online media, and GECC's 2,000+ agents' network from around the world to pre-book the available beds at this location. We expect to be fully booked by the summer of 2024, with an annual revenue projection of over $5 million from this property."