Global Education Communities Corp. Launches the 16th GEC Branded Building in Metro Vancouver
Global Education Communities Corp (GECC) has announced the acquisition of its 16th GEC-branded building in Metro Vancouver, named GEC® Kingsway. The company will take possession on August 9, 2024, and immediately begin leasehold improvements. These enhancements will focus on safety, cleanliness, convenience, and comfort, aligning with the standards set by other GEC® properties in the area. This expansion marks a significant step in GECC's growth strategy within the Metro Vancouver real estate market, potentially increasing its rental inventory and strengthening its brand presence in the region.
Global Education Communities Corp (GECC) ha annunciato l'acquisizione del suo 16° edificio a marchio GEC nella Metro Vancouver, chiamato GEC® Kingsway. L'azienda prenderà possesso il 9 agosto 2024 e inizierà immediatamente i miglioramenti sui leasehold. Questi miglioramenti si concentreranno su sicurezza, pulizia, comodità e comfort, allineandosi con gli standard stabiliti da altre proprietà GEC® nella zona. Questa espansione rappresenta un passo significativo nella strategia di crescita di GECC nel mercato immobiliare della Metro Vancouver, aumentando potenzialmente il suo inventario in affitto e rafforzando la sua presenza del marchio nella regione.
Global Education Communities Corp (GECC) ha anunciado la adquisición de su 16° edificio de marca GEC en Metro Vancouver, llamado GEC® Kingsway. La empresa tomará posesión el 9 de agosto de 2024 y comenzará inmediatamente las mejoras del arrendamiento. Estas mejoras se centrarán en seguridad, limpieza, comodidad y confort, alineándose con los estándares establecidos por otras propiedades GEC® en la zona. Esta expansión marca un paso significativo en la estrategia de crecimiento de GECC dentro del mercado inmobiliario de Metro Vancouver, aumentando potencialmente su inventario de alquiler y fortaleciendo su presencia de marca en la región.
Global Education Communities Corp (GECC)는 메트로 밴쿠버에서 16번째 GEC 브랜드 건물인 GEC® Kingsway의 인수를 발표했습니다. 회사는 2024년 8월 9일에 소유권을 인수할 예정이며 즉시 임대 개선 작업을 시작할 것입니다. 이러한 개선은 안전, 청결, 편리함 및 편안함에 중점을 두어 지역 내 다른 GEC® 자산이 설정한 기준에 맞출 것입니다. 이번 확장은 GECC의 메트로 밴쿠버 부동산 시장 내 성장 전략에서 중요한 단계로, 임대 재고를 증가시키고 지역 내 브랜드 존재감을 강화할 수 있는 잠재력을 가지고 있습니다.
Global Education Communities Corp (GECC) a annoncé l'acquisition de son 16ème bâtiment portant la marque GEC dans la Metro Vancouver, nommé GEC® Kingsway. L'entreprise prendra possession le 9 août 2024 et commencera immédiatement les améliorations locatives. Ces améliorations se concentreront sur la sécurité, la propreté, la commodité et le confort, s'alignant sur les normes établies par d'autres propriétés GEC® de la région. Cette expansion marque une étape significative dans la stratégie de croissance de GECC sur le marché immobilier de la Metro Vancouver, avec un potentiel d'augmentation de son inventaire locatif et de renforcement de sa présence de marque dans la région.
Die Global Education Communities Corp (GECC) hat die Übernahme ihres 16. GEC-markierten Gebäudes in Metro Vancouver mit dem Namen GEC® Kingsway angekündigt. Das Unternehmen wird am 9. August 2024 in Besitz genommen und sofort mit der Verbesserung der Mietflächen beginnen. Diese Verbesserungen werden sich auf Sicherheit, Sauberkeit, Bequemlichkeit und Komfort konzentrieren und sich an den Standards orientieren, die von anderen GEC®-Eigenschaften in der Umgebung festgelegt wurden. Diese Expansion stellt einen bedeutenden Schritt in der Wachstumsstrategie von GECC im Immobilienmarkt von Metro Vancouver dar, wodurch das Mietinventar potenziell erhöht und die Markenpräsenz in der Region gestärkt wird.
- Expansion of property portfolio with 16th GEC-branded building
- Potential increase in rental inventory and revenue stream
- Strengthening of brand presence in Metro Vancouver
- None.
VANCOUVER, BC / ACCESSWIRE / August 12, 2024 / Global Education Communities Corp ("GECC" or the "Company") (TSX:GEC)(OTCQX International:GECSF) is pleased to report that the Company will take possession of GEC® Kingsway on August 9, 2024. Leasehold improvements will commence upon possession, with safety, cleanliness, convenience, and comfort features consistent with other GEC® branded properties throughout Metro Vancouver.
About GEC® Kingsway:
GEC® Kingsway is located at 4589 Gladstone Street (corner of Kingsway and Gladstone), Vancouver, B.C. The property received its conditional occupancy permit earlier this month and is expected to be fully operational under the GEC® brand by late August 2024. Students and tenants are expected to move in before the new academic season starts.
GEC® Kingsway is a six-storey building spanning nearly one city block, with over 78,000 SF of residential area. The facility will accommodate nearly 300 beds, with amenities including a fitness centre, student lounge, roof deck patio, and underground parking. Customary to all GEC® branded properties, GEC® Kingsway will be fully furnished with beds, sofas, dining room tables and chairs, kitchen utensils, bedding supplies, fibre optic internet, monitored surveillance, all utilities included, weekly housekeeping and resident caretakers. GEC® Kingsway offers several levels of long-term accommodations and pricing, ranging from affordable economy to premium units with an expansive view, fully furnished and air-conditioned.
GEC® Kingsway is on a main thoroughfare, approximately an 8-minute walk to the Nanaimo SkyTrain station and an approximate 10-minute ride to downtown Vancouver, where hundreds of public and private institutions are located. In addition, GEC® Kingsway is near the geographical centre of Vancouver, with easy access to Metrotown and BCIT in Burnaby, as well as Vancouver Community College on East Broadway. Public transit is conveniently located in front of GEC® Kingsway, with easy access to the Vancouver International Airport, the City of Richmond, and the University of British Columbia, which is located on Vancouver's west side.
"Since 2015, we have launched or announced 15 other GEC® branded buildings, eight of which comprising 1,200 beds are currently in operation, with plans for an additional 2,700 beds at six properties under development or construction. A GEC® branded hotel was sold in November 2023 for
Pictures of GEC® Kingsway are available via this link: https://gecliving.com/about-gec/gec-kingsway/
About GECC:
GECC is one of Canada's largest education and student housing investment companies focused on the domestic and global education market since 1994. GECC operates business and language colleges, student-centric rental apartments, recruitment centres and corporate offices at 40 locations in Canada and abroad. Its education subsidiaries include Sprott Shaw College Corp. (established in 1903), Sprott Shaw Language College, Vancouver International College, and CIBT School of Business & Technology Corp. GECC offers over 150 educational programs in healthcare, business management, e-commerce, cyber-security, hotel management, emergency paramedic, and language training through these schools. In fiscal 2023, GECC serviced over 14,277 domestic and international students through its educational, rental housing and recruitment subsidiaries.
GECC owns Global Education City Holdings Inc. ("GECH"), an investment holding and development company focused on education-related real estate, such as student-centric rental apartments and education super-centres. In fiscal 2023, GECH held ten projects comprising 15 buildings in different stages of development and operations under the GEC® brand in Metro Vancouver and provided accommodation services to 92 partner schools serving 3,200 students from 71 countries. The total portfolio and development budget under the GEC® brand exceeds
GECC also owns Global Education Alliance Inc. ("GEA") and Irix Design Group Inc. ("IRIX"). GEA recruits international students for elite kindergartens, primary and secondary schools, colleges and universities in North America. Irix is a leading design and advertising company based in Vancouver, Canada. Visit us online and watch our corporate video at www.GEChq.com.
For more information, contact:
Toby Chu
Chairman, President & CEO
Global Education Communities Corp.
Investor Relations Contact: 1-604-871-9909 extension 319 or | Email: info@GEChq.com
FORWARD-LOOKING STATEMENTS
Some statements in this news release contain forward-looking information (the "forward-looking statements") about GECC and its plans. Forward-looking statements are statements that are not historical facts. Forward-looking statements in this news release include, without limitation, the statement by when GEC® Kingsway is expected to be fully operational, that the final occupancy permit for GEC® Kingsway is expected to be issued before the new academic season starts, that GEC® Kingsway is expected to be fully booked shortly, and the statement as to the expected annual revenue from GEC® Kingsway. The forward-looking statements are subject to various risks, uncertainties and other factors (collectively, the "Risks") that could cause the Company's actual results or achievements to differ materially from those expressed in or implied by forward-looking statements. The Risks include, without limitation, unexpected delays or requirements of the applicable municipalities, national and global economic factors and the other risk factors identified in the Company's management's discussion and analysis for the financial year ended August 31, 2023. Forward-looking statements are based on the beliefs, opinions and expectations of the Company's management at the time they are made, and the Company does not assume any obligation to update its forward-looking statements if those beliefs, opinions or expectations, or other circumstances should change, except as may be required by law.
SOURCE: Global Education Communities Corp
View the original press release on accesswire.com
FAQ
When will Global Education Communities Corp (GECSF) take possession of GEC® Kingsway?
What improvements will be made to the new GEC® Kingsway property?
How many GEC-branded buildings does Global Education Communities Corp (GECSF) now have in Metro Vancouver?
