Global education and student residence firm CIBT has announced plans to build a second ‘Global Education City’ in Vancouver, Canada.
The $230m project will build three towers, one for office space, the others residential, which will eventually house schools, education agency offices, support services, and bed spaces for domestic and international students.
However the entire site has been assigned a development budget of $600m, and a planned complex, when complete, will have 1.5 square feet of residential, commercial and retail space. The initial space will be 412,000 square feet.
“Total portfolio value consolidated under the GEC brand [including] this latest acquisition now exceeds $900 million”
An initial $5m cash investment has been received, and the company report that several investors have confirmed interest a further $65m in the project. Further monies will be invested from CIBT land investments, which will now be sold off in order to finance the Global Education City.
CEO of CIBT, Toby Chu, said in a statement that this latest investment will mean the total value of the company’s property portfolio will reach $900m.
“Total portfolio value consolidated under the GEC brand inclusive of projects under development, hotel and serviced apartments in operation, appreciated value and this latest acquisition now exceeds $900 million,” Chu said.
The first ‘Global Education City’ was built in reaction to Canada’s stated aim of increasing international student arrivals by 50%, which along with rising housing prices, meant that an opportunity for international student housing provision was viable.
Speaking in 2013, a spokesperson told The PIE News that the GEC was in effect killing two birds with one stone – solving a potential student housing shortage, and savings student costs by having an ‘all-in-one’ type campus.
“We believe that GEC’s hotel accommodation for students will be the solution to this major challenge,” said the CIBT Group spokesperson.
“It also allows the majority of students to take an elevator to class, saving them additional costs for transportation.”
Since 2013, Canada has reached its ambitious target of hosting 450,000 international students by 2022, five years early. With turbulent global political landscapes showing no sign of abating, Canada is set to continue its growth due to an outward image of a stable economy, with welcoming post-study work rights.
