GECC Provides Update on the Atmosphere Project in Richmond, BC
Global Education Communities Corp. (OTCQB:GECSF) announced a significant legal victory as the British Columbia Court of Appeal overturned a lower court ruling regarding their Atmosphere Project in Richmond, BC. The court found the project's commercial lender in breach of contract related to financing the real estate development.
The case stems from a $60 million deposit made by GEC Richmond in March 2018 for pre-purchasing interests in an office tower and residential rental tower. The project stalled in March 2020 when the lender ceased funding following the COVID-19 pandemic, leading to the developer's entry into creditor protection and GEC Richmond substantially writing off the investment by 2022.
The September 22, 2025 appellate court decision partially reverses the August 2024 Supreme Court of British Columbia ruling, vindicating GECC's position regarding the lender's breach of the loan agreement.Global Education Communities Corp. (OTCQB: GECSF) ha annunciato una significativa vittoria legale: la Court of Appeal della British Columbia ha ribaltato una sentenza di un tribunale inferiore riguardo al loro Atmosphere Project a Richmond, BC. La corte ha ritenuto che il prestatore commerciale del progetto fosse in violazione contrattuale per il finanziamento dello sviluppo immobiliare.
Il caso nasce da un deposito di 60 milioni di dollari effettuato da GEC Richmond nel marzo 2018 per anticipare interessi relativi a una torre d'uffici e a una torre residenziale in affitto. Il progetto si è bloccato a marzo 2020 quando il prestatore ha fermato i finanziamenti a seguito della pandemia di COVID-19, portando lo sviluppatore a chiedere protezione ai creditori e GEC Richmond a svalutare significativamente l'investimento entro il 2022.
La decisione della corte d'appello del 22 settembre 2025 in parte ha riformato la sentenza della Corte suprema della British Columbia dell'agosto 2024, dando ragione alla posizione di GECC circa la violazione del contratto di prestito da parte del prestatore.
Global Education Communities Corp. (OTCQB: GECSF) anunció una importante victoria legal: la Court of Appeal de British Columbia anuló una resolución de un tribunal inferior relacionada con su Atmosphere Project en Richmond, BC. El tribunal encontró que el prestamista comercial del proyecto incurrió en un incumplimiento del contrato de financiamiento del desarrollo inmobiliario.
El caso se origina a partir de un depósito de 60 millones de dólares realizado por GEC Richmond en marzo de 2018 para preadquirir intereses en una torre de oficinas y una torre residencial de alquiler. El proyecto se paralizó en marzo de 2020 cuando el prestamista dejó de financiar tras la pandemia de COVID-19, lo que llevó al desarrollador a entrar en protección de acreedores y a que GEC Richmond redujera considerablemente la inversión para 2022.
La decisión de la corte de apelaciones del 22 de septiembre de 2025 revierte parcialmente la sentencia de la Corte Suprema de British Columbia de agosto de 2024, y valida la posición de GECC respecto al incumplimiento del acuerdo de préstamo por parte del prestamista.
Global Education Communities Corp. (OTCQB: GECSF)는 브리티시컬럼비아주 항소법원이 리치몬드 BC의 Atmosphere Project에 대한 하급 법원의 판결을 뒤집은 중대한 법적 승리를 발표했습니다. 법원은 프로젝트의 상업 대출자가 대출 계약을 위반했다고 판단했습니다.
사건은 2018년 3월 GEC Richmond가 오피스 타워와 주거용 임대 타워에 대한 관심을 선매하기 위해 6천만 달러의 예치금을 한 데서 시작됩니다. COVID-19 대유행으로 2020년 3월 대주가 자금 지원을 중단했고, 이로 인해 개발자는 채권자 보호를 신청했고 2022년까지 GEC Richmond는 투자 금액의 상당 부분을 상각했습니다.
2025년 9월 22일 항소법원 결정은 2024년 8월 브리티시컬럼비아 주 대법원의 판결을 부분적으로 뒤집으며 GECC의 대출 계약 위반에 대한 입장을 확인했습니다.
Global Education Communities Corp. (OTCQB: GECSF) a annoncé une importante victoire juridique : la Cour d'appel de la Colombie-Britannique a annulé une décision rendue par une juridiction inférieure concernant leur Atmosphere Project à Richmond, BC. La cour a estimé que le prêteur commercial du projet avait violé le contrat de financement du développement immobilier.
L'affaire provient d'un dépôt de 60 millions de dollars effectué par GEC Richmond en mars 2018 pour l'acquisition anticipée de droits sur une tour de bureaux et une tour résidentielle locative. Le projet a été ralenti en mars 2020 lorsque le prêteur a cessé de financer en raison de la pandémie de COVID-19, conduisant le développeur à demander la protection des créanciers et GEC Richmond à fortement amortir l'investissement d'ici 2022.
La décision de la cour d'appel du 22 septembre 2025 rétablit partiellement la décision de la Cour suprême de la Colombie-Britannique d'août 2024, donnant raison à GECC quant à la violation du prêt par le prêteur.
Global Education Communities Corp. (OTCQB: GECSF) meldete einen bedeutenden juristischen Erfolg: Das Berufungsgericht von British Columbia hob eine Vorinstanzentscheidung zum Atmosphere Project in Richmond, BC auf. Das Gericht befand, dass der kommerzielle Kreditgeber des Projekts gegen den Finanzierungsvertrag der Immobilienentwicklung verstoßen hatte.
Der Fall ergibt sich aus einer Einzahlung in Höhe von 60 Millionen USD, die GEC Richmond im März 2018 geleistet hat, um Anteile an einem Bürohochhaus und an einem Wohnturm zu erwerben. Das Projekt kam im März 2020 ins Stocken, als der Kreditgeber die Finanzierung aufgrund der COVID-19-Pandemie einstellte, wodurch der Entwickler Gläubigerschutz beantragen musste und GEC Richmond die Investition bis 2022 deutlich abschrieb.
Die Entscheidung des Appellationsgerichts vom 22. September 2025 hebt teilweise das Urteil des Obersten Gerichtshofs von British Columbia vom August 2024 auf und bestätigt GECCs Position bezüglich des Verstoßes des Kreditgebers gegen die Darlehensvereinbarung.
Global Education Communities Corp. (OTCQB: GECSF) أعلنت عن فوز قانوني كبير عندما ألغت محكمة استئناف كولومبيا البريطانية حكما أصدره محكمة أدنى يتعلق بمشروع Atmosphere في ريتشموند، BC. وجدت المحكمة أن المقرض التجاري للمشروع قد خالف عقد التمويل المتعلق بتنمية العقار.
ينبع القضية من إيداع قدره 60 مليون دولار قامت به GEC Richmond في مارس 2018 لاقتناء مبكر لحقوق في برج مكاتب وبرج تأجير سكني. تأخر المشروع في مارس 2020 عندما توقّف المقرض عن التمويل بسبب جائحة COVID-19، مما أدى إلى دخول المطور في حماية الدائنين وتقليل GEC Richmond للاستثمار بشكل كبير بحلول 2022.
قرار محكمة الاستئناف في 22 سبتمبر 2025 عكس جزئياً حكم المحكمة العليا في كولومبيا البريطانية من أغسطس 2024، مما يؤيد موقف GECC بشأن خرق المقرض لعقد القرض.
Global Education Communities Corp. (OTCQB: GECSF) 宣布了一项重大法律胜利：不列颠哥伦比亚省上诉法院撤销了关于其 Atmosphere 项目在里士满（BC）的下级法院裁决。法院认定该项目的商业贷款方违反了与房地产开发相关的贷款协议。
此案源自 GEC Richmond 于2018年3月为预先购买一办公大厦和一住宅出租大厦的权益而支付的6000万美元定金。由于COVID-19大流行，贷款方在2020年3月停止提供资金，导致开发商进入债权人保护程序，GEC Richmond 在2022年前大幅减记了投资。
2025年9月22日的上诉法院判决在一定程度上推翻了2024年8月不列颠哥伦比亚省最高法院的裁定，确认 GECC 对贷款方违约贷款协议的立场成立。
- Court of Appeal victory confirming lender's breach of contract
- Potential for recovery of substantial portion of $60 million investment
- Legal validation of company's position against the lender
- $60 million investment substantially written off by fiscal year-end 2022
- Project remains stalled since March 2020
- Ongoing legal proceedings creating uncertainty about final resolution
VANCOUVER, BC / ACCESS Newswire / September 23, 2025 / Global Education Communities Corp. ("GECC" or the "Company") (TSX:GEC)(OTCQB:GECSF) today announced that the British Columbia Court of Appeal has overturned a lower court ruling, finding the project's commercial lender in breach of contract related to financing a real estate development project in Richmond, BC. The decision reverses, in part, a previous ruling by the Supreme Court of British Columbia.
Background on the Investment and Dispute:
In March 2018, a subsidiary of GECC, GEC (Richmond) GP Inc., and Global Education City (Richmond) Limited Partnership ("GEC Richmond") pre-purchased interests in an office tower and a residential rental tower within the Richmond development from a Vancouver-based developer.
GEC Richmond provided a
In November 2019, the developer secured a construction loan from a Toronto-based commercial lender (the "Lender") to finance the project's construction.
The dispute arose in March 2020 when, shortly after the start of construction financing, the Lender issued a cessation funding notice following the onset of the COVID-19 pandemic and subsequent border lockdowns.
The developer was unable to secure replacement financing during the pandemic period, leading to the project's stall and eventual entry into proceedings under the Companies Creditors' Arrangement Act (Canada). As a result, GEC Richmond substantially wrote off the investment by fiscal year-end 2022.
In October 2022, GEC Richmond commenced legal action against the Lender for breach of contract. The developer filed its legal action shortly thereafter. After the ruling against GEC Richmond and the developer by the Supreme Court of British Columbia in August 2024, the matter was appealed.
On September 22, 2025, the Court of Appeal for British Columbia overturned, in part, the lower court's decision, finding the Lender in breach of the loan agreement.
"We are gratified that the Court of Appeal recognized the Lender's breach of the loan agreement", said Toby Chu, Chairman, President and CEO of GECC.
Further material developments will be reported as further legal activities take place.
About Global Education Communities Corp.
For nearly 39 years, GECC has been a leader in Canada's education and student housing landscape. Serving a vibrant community of nearly 10,000 domestic and international students annually, GECC operates across 24 student housing apartments, campuses, and offices in Canada and abroad.
Student housing and education super-centres:
GECC is committed to solving Metro Vancouver's critical student housing challenges under the GEC® Living brand. GECC specializes in developing and managing off-campus student-centric rental apartments and pioneering the concept of education super-centres. The GEC® portfolio, comprising both operational properties and development budgets for the pipeline, exceeds
Education Services
GECC was the owner of Sprott Shaw College until its divestiture in August 2025. GECC's current academic division includes SSLC Language College, SSLC Business College (formerly Vancouver International College) and CIBT School of Business & Technology. These institutions offer a diverse range of business programs and ESL programs (English as a Second Language) designed to meet the evolving needs of international learners. Visit us at: www.studySSLC.com.
As part of its infrastructure, GECC also owns Global Education Alliance Inc. This student recruitment agency connects students with top-tier North American schools and places students into GECC's student housing properties. Irix Design is a leading design and media communications firm based in Vancouver.
Visit GECC online at www.GEChq.com to explore our services and watch our corporate video. Check out our video library on YouTube.com: https://www.youtube.com/gecliving
Toby Chu
Chairman, President & CEO
Global Education Communities Corp.
Investor Relations Contact: 1-604-871-9909 extension 319 or | Email: info@GEChq.com
SOURCE: Global Education Communities Corp.
View the original press release on ACCESS Newswire
FAQ
What was the outcome of GECC's legal appeal for the Richmond BC Atmosphere Project?
How much did GECC invest in the Richmond Atmosphere Project?
When and why did the Richmond Atmosphere Project stall?
What happened to GECC's investment in the Richmond project?
What is the current status of GECC's Richmond development dispute?
