NEWS Mr. Toby Chu reports
CIBT PROVIDES UPDATE ON THE ACQUISITION OF SECOND DOWNTOWN VANCOUVER HOTEL
Pursuant to CIBT Education Group Inc.'s news release on June 22, 2015, regarding the acquisition of a second downtown Vancouver hotel, subjects have been removed and the parties are proceeding to final closing which is scheduled for Nov. 1, 2015. Details of the transaction will be disclosed after the transaction has been completed. As a result of this transaction, CIBT expects to add approximately 270 beds to its portfolio of student accommodation in the greater Vancouver area generating approximately $3.1-million in gross rental annual revenue.
"In addition to GEC Viva Tower and two other previously announced properties that are under development and construction, this latest addition will raise the total GEC portfolio in excess of $130-million, not including the flagship GEC project education supercentre which itself is budgeted for $200-million," commented by Toby Chu, president, chief executive officer and vice-chairman of CIBT. "We are pleased with the progress achieved in less than 18 months and continue to pursue our $1-billion portfolio target within the next five years."