News
"CIBT Subsidiary Signs Offer-to-Purchase to Acquire and Develop the 9th GEC Branded Property"
Vancouver, British Columbia (FSCwire) - CIBT Education Group Inc. (CIBT or the Company) (TSX: MBA, OTCQX International: MBAIF) is pleased to announce the signing of a letter of intent for the purchase by one of its real estate investment limited partnerships (the LP) of two parcels of land to develop a serviced apartment highrise (the Project) along the Cambie Street corridor designed for students and a growing population of technology workers in Metro Vancouver. The Project is expected to have a gross building area of approximately 63,000 square feet. The total development budget for this Project, including land, construction, FFE (furniture, fixture & equipment) and financing costs, will be approximately $60 million, assuming the Project proceeds.
The proposed Project will be a concrete construction accommodating approximately 220 beds. The Project site is less than a one-minute walk from a SkyTrain station, and approximately 10 minutes travel time by SkyTrain to downtown Vancouver, Richmond City Centre and the Vancouver international airport. This Project has received re-zoning approval and a development permit application is expected to be submitted shortly. Construction for this Project is expected to commence in early 2019.