Solving the Student Housing Crisis in Vancouver
More than 1.5 million full-time students are enrolled in Canadian universities and colleges, and nearly 1/3 are international students. Student housing attracted $16 billion USD worldwide in 2016, (the Economist Magazine) The problem? There is a student housing crisis in Vancouver. CIBT Education Group (TSX:MBA), a 25-year-old company that owns Sprott Shaw College, expanded into the student housing business under the brand GEC-Global Education City.
Located at major traffic arteries or near subway stations, GEC converts existing hotels and develops market rental apartments for domestic and international students. Higher density than a typical condo, and with furniture, housekeeping, 24/7 security, weekend excursions, and all amenities included, it is a worry-free solution for students & their parents.
In 2017, GEC enhanced its business model by developing Education Super Centres, an integration hub consisting of a variety of schools, amenities and rental apartments with over 1,000 beds. Amenities include cafeterias, a library, computer centre, and student lounges shared by multiple schools allowing students to study and live in one location.
As the largest privately-owned student housing provider in Western Canada, GEC’s real estate portfolio and development budget exceeded $1 billion dollars.
CIBT Education Group Inc. is one of the largest education and student housing investment companies in Canada, focused on the global education market since 1994. Listed on the Toronto Stock Exchange and U.S OTCQX International, CIBT owns business and language colleges, student housing properties, recruitment centres and corporate offices at 45 locations in Canada and abroad. Total annual enrollment for the group exceeds 15,000 students.
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