VANCOUVER, BC / ACCESSWIRE / September 8, 2020 / CIBT Education Group Inc. (TSX:MBA)(OTCQX:MBAIF) (“CIBT” or the “Company”) is pleased to report that one of its subsidiary limited partnerships has received a US$10 million investment (approximately C$13.1 million). The funds will be used by the new subsidiary to acquire two rental apartment buildings located in Vancouver, announced by CIBT on June 9th, 2020. Details of the acquisition target, closing date and other information will be announced shortly. Assuming the acquisition completes, the GEC® portfolio will comprise of 11 projects and 16 buildings operating under the GEC® brand, with a total buildable square footage of 1.5 million.
“We are pleased to see the level of financial support that we have received from the investment community as we expand our rental and development income despite economic and pandemic uncertainties,” said Toby Chu, Chairman, President and CEO of CIBT