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CIBT Education Group (TSX:MBA)(OTCQX:MBAIF) acknowledges delays in the Atmosphere Project in Richmond, B.C., which may face court proceedings due to halted funding. CEO Toby Chu stated the company will pursue all avenues to meet the project’s goals, citing positive opportunities in Vancouver's real estate market. CIBT, a significant education and academic real estate firm, has a portfolio exceeding $1.5 billion and assists over 11,000 students annually. Updates on the Atmosphere Project's status are expected in the coming weeks.
CIBT Education Group reported its Q3 2021 results, showing a 14% increase in net income attributable to shareholders, amounting to $6.755 million, and a 13% rise in basic earnings per share to $0.09. Total revenues for the nine-month period were $44.8 million, slightly declining by 4% year-over-year. Notably, educational revenues from Sprott Shaw College increased by 7%, while real estate development revenues surged 224%. The company’s total assets grew by 15% to $518.7 million. The CEO noted an anticipated revenue boost due to increased student registrations and high booking volumes for rental facilities.
CIBT Education Group Inc. (TSX:MBA)(OTCQX:MBAIF) announced plans to raise $60 million for its GEC Education Mega Center project in Surrey, BC. A subsidiary has signed a non-binding term sheet with a mortgage lender to secure up to $50 million in loans and equity investment. The project aims to provide a mixed-use development, featuring academic facilities and residential units. The total development budget is approximately $270 million, significantly benefiting the local education sector and housing market.
VANCOUVER, BC / ACCESSWIRE / May 31, 2021 / CIBT Education Group (TSX:MBA)(OTCQX:MBAIF) has announced the successful acquisition of $8.9 million through corporate finance activities, specifically from limited partnership investments and corporate bond subscriptions from March 1 to May 28, 2021.
The funds are earmarked for potential acquisitions, existing project funding, and increasing ownership in select limited partnerships, according to CEO Toby Chu. CIBT is a leading educational services provider in Canada with a substantial real estate portfolio valued over $1.5 billion.
CIBT Education Group Inc. (TSX:MBA)(OTCQX:MBAIF) announces that CBRE Limited has initiated a marketing campaign to exclusively sell six rental buildings in their portfolio. This offering includes 413 units located in prime downtown and westside transit-accessible areas. CBRE is targeting institutional and private buyers, aiming to optimize asset value. With their strong global standings, CBRE’s involvement is expected to enhance transaction competitiveness and potentially yield significant returns for CIBT, which oversees a real estate portfolio exceeding $1.5 billion.
CIBT Education Group (TSX:MBA)(OTCQX:MBAIF) announced a partnership with CBRE Limited to sell six GEC® rental buildings in Metro Vancouver. This portfolio includes 413 units in prime locations. The sale aims to capitalize on a booming real estate market, with expected proceeds to enhance CIBT’s ownership in other ongoing projects valued over $1.5 billion. Future developments include GEC® King Edward and GEC Education Super Center, with projected exit values totaling $314 million. CIBT remains focused on creating student-centric properties to stabilize recurring income.
CIBT Education Group Inc. (TSX:MBA)(OTCQX:MBAIF) announced plans for its subsidiary, GEC Education Center, to raise $60 million in equity to fund the construction of the GEC Education Mega Center. This project involves a 49-storey mixed-use development in Surrey, featuring 404,249 square feet of residential and commercial space. The company has previously secured nearly $33 million in financing and plans to increase its stake in the project. The total development budget is approximately $270 million.
CIBT Education Group (TSX:MBA)(OTCQX:MBAIF) announced that its GEC Education Mega Center project received approval from Surrey City Council on February 22, 2021. This allows the project to move forward with construction expected to commence post-summer 2021, aimed for completion by late 2024 or early 2025. The development will involve a 49-storey mixed-use building, comprising residential and commercial spaces with a budget of approximately $270 million. CIBT's real estate portfolio is anticipated to benefit from the growing demand in the Metro Vancouver housing market.
CIBT Education Group (TSX:MBA)(OTCQX:MBAIF) announced the Toronto Stock Exchange's approval to increase its current normal course issuer bid (NCIB) from 3,000,000 to 3,727,177 shares, allowing for a maximum buyback cost of $3,000,000. As of February 8, 2021, 2,979,500 shares had already been repurchased, with NCIB set to conclude on March 11, 2021. The company can buy up to 2,371 shares daily through the exchange. CIBT continues to focus on providing education and housing solutions for students, boasting over 150 programs and servicing 11,000 students in 2020.
CIBT Education Group (TSX:MBA)(OTCQX:MBAIF) has received approval from Surrey City Council for its flagship project, GEC Education Mega Center, during public hearings on February 8, 2021. The project will proceed to the third public hearing on February 22, 2021, with construction expected to start after the summer of 2021 and completion by 2024. This mixed-use development will provide housing for 982 occupants and is anticipated to generate significant rental income. The total development budget is approximately $270 million.
