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CIBT Provides Update on Its $60 Million Raise for the GEC Education Mega Center Project
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CIBT Education Group Inc : CIBT Provides Update on Its $60 Million Raise for the GEC Education Mega Center Project
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Artists rendering of the Education Mega Center. (Submitted)
A new skyscraper will be gracing the Surrey skyline in the coming years, and with it, an option for post-secondary students in search of housing.
The GEC Education Mega Center is being developed by CIBT Education Group and will be a mixed-use residential and commercial skyscraper. Following public hearings, the project received the green light from Surrey City Council on Feb. 22.
CIBT calls themselves “one of the largest education and student housing investment companies in Canada.”
Toby Chu, CIBT chairman and CEO, says they went ahead with the project due to Metro Vancouver’s incredibly low vacancy rate. “We got to a point where we have to build our own [housing] to supply our own students.”
CIBT Education Group Inc.: CIBT Subsidiary Plans to Raise $60 Million Equity for Construction of GEC Education Mega Center
CIBT or the
Company ) reports that its subsidiary, GEC Education Center Limited Partnership, plans to raise total equity of $60 million to fund the construction of GEC Education Mega Center® (the
Project ). The financing of the Project is expected to be progressive in that the offering price of each unit offering will increase in phases consistent with the construction progress. GEC Education Mega Center® represents one of our biggest flagship projects and has received much interest from the real estate investment communities both domestic and abroad. During the past 18 months and amid the pandemic, CIBT and its subidiaries successfully completed nearly $33 million in equity and convertible-debt financing, and received over $0.5 billion in mortgage financing between 2015 - 2020. These experiences and contacts have led us to discussions with several in
CIBT Subsidiary Plans to Raise $60 Million Equity for Construction of GEC Education Mega Center
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