CIBT Education Group Inc. (TSX: MBA, OCTQX International:
MBAIF) (“CIBT Group”) is pleased to announce that it has signed
a memorandum of understanding to jointly develop an education super
center called Global Education City. The Global Education City
("GEC") will be located in the Greater Vancouver Regional District
in an ideal location near a proposed Skytrain station, in proximity
to the airport and major roads to downtown Vancouver. As the first
education super center in North America, this education-real estate
project has the capacity to house up to 600 international students
in its hotel, while accommodating campus space for public and
private educational institutions and office space for professional
firms supporting international education. The concept is to create
a single location for students, educators, and education service
firms to do business in an education-centric environment.
In addition to the Global Education City, CIBT is in
negotiations with several real estate developers to co-establish
three other student hotels, student residence, and education
micro-centers along major Sky Train stations in the Greater
Vancouver area. Total estimated budget for these projects is
approximately $350 million.
CIBT Group and its subsidiary schools will become the anchor
tenant, co-investor and principal managing partner of these
proposed projects. The hotel component of Global Education City is
to house its 5,000+ international and domestic students enrolled by
CIBT Group’s subsidiary schools each year as well as providing
student accommodation to other schools in Vancouver. CIBT Group’s
subsidiary schools, including Sprott Shaw College and Acsenda
School of Management, and its Global Learning Network, are expected
to utilize a percentage of the campus space. The remaining campus
space will be made available to other public and private
educational institutions wishing to expand their international
student enrollment, as well as to education support firms.
With the signing of the memorandum of understanding, the parties
are entering into the due diligence phase of the project. The
planned GEC is subject to the satisfaction of certain conditions
including completion of the re-zoning application process and
obtaining other relevant municipal approvals. Further details will
become available upon execution of the definitive agreement.
The proposed Global Education City is a first of its kind in
North America, employing the concept of Education Super Center by combining a
number of multidiscipline public and private institutions at one
centralized location, supplemented by professional support services
and student Dormitory under one roof. The three major components of
GEC will be to provide 1) a variety of schools 2) immigration
consultants and professional services for the education industry,
and 3) a student centric hotel for domestic and international
students.
Hotel Tenants:
To support the theme of global education with a large number of
tenants expected from the international market, a hotel is an
integral part of the GEC. According to market statistics, rental
rates for Vancouver condominiums have increased by over 14% in the
past 5 years, and demand is expected to continue to grow as more
international students are entering into Canada, encouraged and
supported by the initiatives and policies of the Province of
British Columbia and the Government of Canada. Based upon data from
2011, approximately 100,000 foreign students are living in the
Greater Vancouver area contributing over $5 billion in tuition
revenue to the B.C economy. In addition, total housing revenue
generated by these foreign students is estimated to be over $1
billion per year, an average of $10,000 per student per year.
One of the biggest challenges for international students and
out-of-town domestic students studying in Greater Vancouver is the
cost of accommodation. We believe that GEC's hotel accommodation
for students will be the solution to this major challenge. It also
allows the majority of students to take an elevator to class,
saving them additional costs for transportation.
School Tenants:
CIBT Group anticipates that major educational institutions will
become the anchor tenants of GEC, including a variety of public and
private business schools, career colleges, language schools, arts
schools, children art centers and universities. In addition, CIBT
Group believes that GEC will also attract post- secondary schools
from around the world wishing to establish a representative office
or campus in Vancouver, Canada. They will find the GEC to be an
ideal place to locate their campus due to its proximity to the
Vancouver International Airport and Sky Train station, and the
short travel time to shopping and other amenities of downtown
Vancouver city via Sky Train.
Professional Services Tenants:
In addition to schools, approximately 30% of the office tower
will be leased or sold to education industry consultants (commonly
known as agents), professional services such as immigration
lawyers, accountants, and consultants that are complementary to the
education industry. These education agents contribute a significant
volume of business to BC's education sector. For CIBT Group alone,
over $26 million dollar of annual tuition was referred to our
schools via these agents during the most recently completed fiscal
year. Agents will be highly motivated to be located within the
complex of the GEC to increase their business with schools focused
on international education.
“With 20 years of operating experience in the global education
market and innovative leadership in the education sector, CIBT
Group has the in-depth knowledge of the needs and concerns of
international students and their parents,” commented Toby Chu,
President, CEO and Vice Chairman of CIBT Group. “With the BC
government planning to increase the number of international
students that come to BC by 50% in the next four years and the fact
that many North American schools (public and private) are focusing
their efforts on recruiting international students to study in
North America, we identified an immense gap in fulfilling the
affordable housing needs of these international students. The
Global Education City is designed to enhance and complement the
objective of global education expansion by the Canadian education
industry. Our goal is to provide a one-stop solution to
international students studying in Greater Vancouver by offering a
safe, secure, and convenient environment to study, relax, and enjoy
their stay in Canada.”
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 programmes in 12 countries with
campuses, recruitment offices and training centers enrolling over
5,000 students annually. Its education business is operated through
Sprott Shaw College (established in 1903), Acsenda School of
Management and CIBT School of Business China, and also through KGIC
Education Centers in China under a master licensing arrangement
with KGIC Canada. Through these subsidiaries, CIBT Group offers
Western and Chinese accredited business and management degrees,
programmes in college preparation, healthcare, hotel management and
tourism, English language training, English Teacher Certifications,
junior and high school preparation programmes 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 Career Center (“GCC”), and Global
Education Alliance (“GEA”). GCC is a job placement call center
located in the Philippines dedicated to providing employment
services to CIBT Group graduates for free throughout their careers.
GEA is the premier solution for international students wishing to
enter elite kindergarten, primary, secondary schools and
universities in North America. Visit us online at www.cibt.net.
ON BEHALF OF THE BOARD OF DIRECTORS
“Toby Chu”
Toby ChuVice-Chairman, President & CEO
Investor Relations Contact: N. America Toll Free: 1-888-865-0901
Email: info@cibt.net
FORWARD-LOOKING STATEMENTS:
Some statements in this news release contain forward-looking
information (the “forward-looking statements”) about CIBT Education
Group Inc. (“CIBT Group”) and its future plans. Forward-looking
statements are statements that are not historical facts. The
forward-looking statements in this news release are subject to
various risks, uncertainties and other factors that could cause the
company's actual results or achievements to differ materially from
those expressed in or implied by forward-looking statements. With
respect to the statement in this news release as to expectations
and plans for the Global Education City (“GEC”) project, these
risks, uncertainties and other factors include, without limitation,
uncertainty as to the company's ability to achieve the goals and
satisfy the assumptions of management, including uncertainties as
to the ability to enter into agreements with property owners and
developers and complete construction of the GEC; to attract
students to reside in the Dormitory Hall; to secure other
educational institutions and professional service providers as
tenants for the GEC; demand for the programs offered; and general
economic factors and other factors that may be beyond the control
of the company. Forward-looking statements are based on the
beliefs, opinions and expectations of the company's management at
the time they are made, and CIBT Group does not assume any
obligation to update its forward-looking statements if those
beliefs, opinions or expectations, or other circumstances, should
change.
CIBT Education Group Inc.Toby Chu, 1-604-871-9909Vice-Chairman,
President & CEOinfo@cibt.net
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