Mr. Toby Chu reports

GLOBAL EDUCATION COMMUNITIES CORP. LAUNCHES THE 16TH GEC BRANDED BUILDING IN METRO VANCOUVER

Global Education Communities Corp. took possession of GEC Kingsway on Aug. 9, 2024. Leasehold improvements will commence upon possession, with safety, cleanliness, convenience and comfort features, consistent with other GEC branded properties throughout Metro Vancouver.

About GEC Kingsway

GEC Kingsway is located at 4589 Gladstone St. (corner of Kingsway and Gladstone), Vancouver, B.C. The property received its conditional occupancy permit earlier this month and is expected to be fully operational under the GEC brand by late August, 2024. Students and tenants are expected to move in before the new academic season starts.

GEC Kingsway is a six-storey building spanning nearly one city block, with over 78,000 square feet of residential area. The facility will accommodate nearly 300 beds, with amenities including a fitness centre, student lounge, roof deck patio and underground parking. Customary to all GEC-branded properties, GEC Kingsway will be fully furnished with beds, sofas, dining room tables and chairs, kitchen utensils, bedding supplies, fibre optic Internet, monitored surveillance, all utilities included, weekly housekeeping and resident caretakers. GEC Kingsway offers several levels of long-term accommodations and pricing, ranging from affordable economy to premium units with an expansive view and that are fully furnished and air conditioned.

GEC Kingsway is on a main thoroughfare, an approximately eight-minute walk to the Nanaimo SkyTrain station and an approximately 10-minute ride to downtown Vancouver, where hundreds of public and private institutions are located. In addition, GEC Kingsway is near the geographical centre of Vancouver, with easy access to Metrotown and BCIT in Burnaby as well as Vancouver Community College on East Broadway. Public transit is conveniently located in front of GEC Kingsway, with easy access to the Vancouver International Airport, the city of Richmond and the University of British Columbia, which is located on Vancouver's west side.

"Since 2015, we have launched or announced 15 other GEC-branded buildings, eight of which comprising 1,200 beds are currently in operation, with plans for an additional 2,700 beds at six properties under development or construction. A GEC-branded hotel was sold in November, 2023, for $70-million, setting the highest selling price per unit in Vancouver since 2017," said Toby Chu, chairman, president and chief executive officer of Global Education Communities. "Since the announcement of GEC Kingsway, we have received many inquiries from our partner schools, and we have signed agreements with several of these schools to accommodate their students. The GEC social media platforms, including Facebook, YouTube, Instagram, Twitter and others, have received over 0.5 million views and over 5,000 inquiries since June, 2024. We are excited to add GEC Kingsway to our portfolio and increase the available beds to students on our waiting list for the 2025 academic year starting this September. We expect GEC Kingsway to be fully booked shortly, with an annual projected revenue of approximately $5-million from this property."

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 operates business and language colleges, student-centric rental apartments, recruitment centres, and corporate offices at 40 locations in Canada and abroad. Its education subsidiaries include Sprott Shaw College Corp. (established in 1903), Sprott Shaw Language College, Vancouver International College, and CIBT School of Business & Technology Corp. Global Education Communities offers over 150 educational programs in health care, business management, e-commerce, cybersecurity, hotel management, emergency paramedic and language training through these schools. In fiscal 2023, Global Education Communities serviced over 14,277 domestic and international students through its educational, rental housing and recruitment subsidiaries.

GECC 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 and education supercentres. In fiscal 2023, GECH held 10 projects comprising 15 buildings in different stages of development and operations under the GEC brand in Metro Vancouver and provided accommodation services to 92 partner schools serving 3,200 students from 71 countries. The total portfolio and the development budget under the GEC brand exceed $1.3-billion.

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

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