CIBT Education Group Provides Corporate Update on GEC Projects - Seite 2

• Rezoning application for this project is well underway with an updated design of two office towers and a micro-suite hotel to be operated under the GEC brand
• The office towers are intended to accommodate schools and educational institutions, while the micro-suite hotel will follow our successful model of GEC Granville Suites Hotel. 
• The total capacity at the micro-suite hotel is approximately 265 occupants. The projected value for the two office towers and the hotel is approximately $247 million upon completion

GEC Education Mega Center

• Redesign and planning of this project have been submitted to the Surrey City for review and approval with supportive and positive feedbacks
• The new design is a 49-level concrete high rise structure with mixed-uses, including offices for educational institutions, market rental apartments and pre-sale micro-condos
• Located within one block of the Simon Fraser University (Surrey) campus, Kwantlen Polytechnic University (Surrey Central) campus and less than 2 KM from the Sprott Shaw Surrey campus, demand for student rental and related educational use is significant 
• This project can accommodate up to 800 occupants (excluding the micro-condo suites), and is estimated to have a projected value of approximately $364 million upon completion

GEC Oakridge

• Acquisition of Lot 1 for the GEC Oakridge project completed on February 11^th, 2020
• Acquisition of Lot 2 and 3 of this project scheduled to close on February 28^th, 2020
• The total purchase price for all three lots is $30.3 million 
• With rezoning and development costs invested in these three lots, the latest appraisal report shows a current value of approximately $50 million
• GEC Oakridge is a 18-level concrete market-rental apartment with a capacity of 475 occupants, with a projected value of approximately $165 million upon completion

Other Updates

• A non-binding letter of intent has been signed to sell one of the GEC properties to an institutional buyer which will include a management and master lease agreement for ten years after the closing of the sale. If a binding agreement is signed, the closing date is expected to be in May 2020
• Other GEC properties including GEC Viva, GEC Granville, GEC Burnaby Heights, and GEC Pearson are fully operational, and most locations are at near-full capacity

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