Mr. Toby Chu reports

GLOBAL EDUCATION COMMUNITIES CORP. TAKES POSSESSION OF THE 8TH GEC BRANDED RENTAL PROPERTY

Global Education Communities Corp.'s new GEC-branded property, GEC King Edward, received its occupancy permit on May 29, 2023. The GEC operations team has completed all the FFE (furniture, fixture and equipment) and smart-furniture installations, fibre optic Internet connections, security surveillance systems, decorating, and other building occupancy preparations for a typical GEC-branded property. The first group of students are scheduled to start moving in on June 1, 2023, and the move-in schedules have been booked from June 1 to June 30, 2023.

GEC King Edward is less than 80 metres from the Canada Line SkyTrain/subway station at Cambie Street and West King Edward Avenue. It is a five-storey concrete and wood construction with 48,140 gross buildable square feet and 44 residential units consisting of apartments and townhouses. The facility can accommodate approximately 188 residential tenants, which enables GEC King Edward to potentially generate a gross annual revenue of approximately $3.2-million. While the total project cost is approximately $52-million, the market value of this property has increased substantially due to lower land acquisition costs that were incurred six years ago, complemented by attractive leased-up rates and near-zero vacancies.

"Although it has taken us nearly six years to complete this project from land acquisition to development completion, we are pleased with the quality of workmanship and design, location, and market demands for our eighth GEC-branded building," commented Toby Chu, chairman, president and chief executive officer of Global Education Communities. "The substantial demands caused this property to be nearly leased up five months before completion by GEC Corp.'s network of partner schools and direct bookings placed by individual students worldwide. As of today, there is limited vacancy available at this property. The GEC King Edward project is a testament to our fully integrated business model of: (i) designing a property; (ii) supervising the required construction; (iii) leasing and operating the property; (iv) overseeing the property for a certain period to achieve substantial long-term returns; and (v) eventually executing an exit strategy pending favourable business terms."

About Global Education Communities Corp.

Global Education Communities is one of Canada's largest education and student housing investment companies focused on the domestic and global education market since 1994. Global Education Communities owns business and language colleges, student-centric rental apartments, recruitment centres, and corporate offices at 41 locations in Canada and abroad. Its education subsidiaries include Sprott Shaw College Corp. (SSCC) (established in 1903), Sprott Shaw Language College (SSLC), Vancouver International College Career Campus (VIC), and CIBT School of Business & Technology Corp. (CIBT China). Global Education Communities offers over 150 educational programs in health care, business management, e-commerce, cybersecurity, hotel management and language training through these schools. In 2022, Global Education Communities serviced over 13,000 domestic and international students through its educational, rental housing and recruitment subsidiaries.

Global Education Communities owns Global Education City Holdings Inc. (GECH), an investment holding and development company focused on education-related real estate such as student-centric rental apartments, a hotel and education supercentres. Under the GEC brand, GECH provides accommodation services to 92 schools in Metro Vancouver, serving 3,000 students from 71 countries. The total portfolio and development budget under the GEC brand is nearly $1.3-billion.

Global Education Communities also owns Global Education Alliance Inc. (GEA) and Irix Design Group Inc. (IRIX). GEA recruits international students for elite kindergartens, primary and secondary schools, colleges, and universities in North America. Irix Design is a leading design and advertising company based in Vancouver, Canada.

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