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CIBT Education Group Inc. (TSX:MBA)(OTCQX:MBAIF) announced conditional approval for its GEC® Education Mega Center in Surrey, BC, from the Advisory Design Panel on November 19, 2020. This approval is subject to minor design adjustments and paves the way for future council hearings in early 2021. Additionally, Surrey City Development Corp. is expanding with Simon Fraser University, creating a new office hub that may increase local employment. The EMC will be a 49-storey building with a budget of approximately $270 million, aiming to boost education and business opportunities in Surrey.
CIBT Education Group (TSX:MBA)(OTCQX:MBAIF) announced a $7 million investment commitment for the GEC® Oakridge project, with the first tranche of $3.5 million already closed. The second tranche is expected to close by May 31, 2021. This investment follows $18.33 million in private placements completed in the last 90 days and the acquisition of GEC® Marine Gateway for $48.5 million. CIBT continues to support its business model through these investments and acquisitions.
CIBT Education Group released its 2020 Financial Report, detailing a 12% decline in total revenues to $62.5 million, attributed largely to COVID-19 impacts on international student enrollments. Despite a net loss of $4.75 million, CIBT achieved an EBITDA of $9.1 million and an Adjusted EBITDA of $14.5 million. The company increased its total assets by 16% to $452.8 million and reduced share dilution by canceling 9.1 million shares. CIBT's domestic education sector showed resilience with increased revenue, while the company plans further property acquisitions and education expansion amidst signs of market recovery.
CIBT Education Group Inc. (TSX:MBA)(OTCQX:MBAIF) announces the approval from the British Columbia Ministry of Education and the Government of Canada to accept international students at its subsidiaries, Sprott Shaw College and Sprott Shaw Language College. This approval comes after nearly nine months of border closures due to COVID-19. The company expects a steady influx of international students, contributing significantly to Canada's economy. In 2019, there were 642,480 international students in Canada, contributing $21.6 billion to the GDP.
CIBT Education Group (TSX:MBA)(OTCQX:MBAIF) has completed the acquisition of two residential rental buildings, GEC Marine Gateway (MC1 and MC2), for $48.5 million. The purchase was financed with $19.33 million in equity and $37.15 million in mortgage financing at a low interest rate of 1.88%. The properties are valued at approximately $61 million and are fully leased, providing immediate cash flow. The acquisition expands CIBT's portfolio to 11 locations and approximately 1.5 million square feet, with a total portfolio value of nearly $1.5 billion.
CIBT Education Group Inc. (TSX:MBA)(OTCQX:MBAIF) announced a successful equity raise of C$2.613 million for its subsidiary Project 11, with an additional C$2.7 million expected by the end of October 2020. This brings the total funding to C$18.33 million.
The funds will be used to acquire two rental apartment buildings in Vancouver, expanding CIBT's GEC® portfolio to 11 projects and 16 buildings. Despite challenges in international student enrollment due to border closures, the company anticipates growth as Canada reopens its borders to certain international students.
CIBT Education Group Inc. (TSX:MBA)(OTCQX:MBAIF) announced progress on acquiring two residential buildings in Metro Vancouver, referred to as Project 11. The company secured mortgage approval at an interest rate of approximately 1.7% over ten years, aiming to close the deal by the end of October 2020. This acquisition will expand the GEC® brand's portfolio to 11 projects and 16 buildings, totaling 1.5 million square feet. Both buildings maintain an occupancy rate of over 95%, ensuring immediate rental income.
CIBT Education Group Inc. (TSX:MBA)(OTCQX:MBAIF) has achieved No. 334 on the 2020 Report on Business ranking of Canada’s Top Growing Companies, reflecting a three-year revenue growth of 97%. The company attributes this success to its education services and real estate-related incomes from its Global Education City brand, catering to students from 72 schools across 77 countries. CIBT operates various educational institutions and rental apartments, serving over 12,000 students annually. The ranking celebrates independent businesses' growth amidst economic challenges.
CIBT Education Group (TSX:MBA)(OTCQX:MBAIF) announced a US$10 million investment (approx. C$13.1 million) to fund the acquisition of two rental apartment buildings in Vancouver. This investment complements a prior US$4.9 million investment reported on September 1. Upon successful acquisition, CIBT's GEC® portfolio will expand to 11 projects and 16 buildings, totaling 1.5 million square feet. CIBT emphasizes the ongoing rental crisis in Vancouver, with low vacancy rates and declining new apartment constructions, positioning itself to capitalize on these market dynamics.
