MEGACENTRE DEAL DONE! CIBT to build $230 Million Ed Hub
CIBT Reports Signing of Formal Agreement to Build Education Mega Center for $230 Million Vancouver, British Columbia (FSCwire) - CIBT Education Group Inc. (TSX: MBA, OTCQX International: MBAIF) (CIBT or the Company) is pleased to announce that it has signed a formal Purchase and Development Agreement with the WestStone Group, a leading real estate development company in Western Canada, to construct North Americas first Education Mega Center (Mega Center) in Surrey, B.C. The project is expected to cost approximately $230 million inclusive of FFE (furniture, fixture and equipment). The WestStone Group has had extensive experience in developing residential and commercial buildings for well over two decades and we are very excited to undertake this new project with CIBT Education Group," stated Brian Regehr, President and CEO of the WestStone Group. With the tremendous influx of domestic and international students, we are so proud to be able to bring this exceptional education building into the City of Surrey and to welcome the students here. When you couple CIBTs years of experience and knowledge in the education field to our expertise in developing high-quality buildings, you have a recipe for success that assures the Surrey based Education Mega Centre will be the location of choice for preferred student housing. After an extensive negotiation process, we are excited to be working with WestStone Group to construct this iconic, up to 58 storey and approximately 550,000 square feet Education Mega Center in Surrey, B.C, subject to city approval, commented Toby Chu, President, CEO and Chairman of CIBT Education Group. International enrollment in Canada experienced rapid growth of 20% and 30% in 2015 and 2016 respectively and we expect this trend to continue as an increasing number of international students are pursuing education in the Metro Vancouver region. This migration and population growth in Metro Vancouver is met with significant rental housing shortage of less than 1% vacancy for a majority of Metro Vancouver, according to Canada Mortgage and Housing Corporation. The Education Mega Center is strategically located between the Simon Fraser University (Surrey) Campus and the Kwantlan Polytechnic University (Surrey) Campus. It sits directly across the street from the Surrey Central SkyTrain station and the public transit bus loop, and is steps away from the future station for Light Rail Transit. In addition to the proximity of these public universities, there will be approximately 15 to 20 educational institutions within the Mega Center itself making the Mega Center the ideal choice for students to study and live. The Mega Center will add substantial value to B.C. education sector by providing a turn-key platform for a variety of educational institutions wishing to expand their presence to Metro Vancouver and for them to capture a piece of action from the international education market. More importantly, the housing component of the Mega Center will create a clean, safe and convenient location for all students from within Canada and abroad. While the Purchase and Development Agreement was being negotiated during the past few months, the development application was submitted to City of Surreys planning department in early April. To view the conceptual drawing of the Mega Center, please visit: https://cibt.net/news/emc.php About WestStone Group: Following over two decades of growth the WestStone Group has evolved into a leading new home developer in the Vancouver area. Based in Surrey and Scottsdale, Arizona the company has completed a long list of award-winning projects. Throughout British Columbia, Alberta and Arizona, the company is proud of its responsible and perceptive approach towards building new developments. WestStone has a very strong presence in the City of Surrey with over 3.2-million square feet of construction currently under various stages of development. Focused on meeting the needs of the community, WestStone offers a strong diversification of developments encompassing residential, commercial, retail, rental, educational, medical and seniors care. Above all WestStone values customer service, exceeding buyers expectations and delivering a quality, well-designed product that people can count on. WestStones intelligent designs and strong customer focus have allowed the company to succeed and grow over the past 20-years and these will be the virtues that continue to propel the company forward. Read more at https://www.stockhouse.com/news/press-releases/2017/05/03/cibt-reports-signing-of-formal-agreement-to-build-education-mega-center-for-230#wOAYi4uwcPUg2FFx.99