GECC Completes Investment and Cooperation Agreements with Pomerleau Capital Inc.
Rhea-AI Summary
Global Education Communities Corp. (GECC) has announced the execution of investment and cooperation agreements with Pomerleau Capital Inc. (PCAP). PCAP will invest in one of GECC's partnerships and co-develop the Project, with plans to extend this model to other GEC® student housing properties in Metro Vancouver. The investment was completed on November 20, 2024. The aggregate construction budget of GEC® projects under development exceeds $800 million. PCAP brings additional value through its construction arm, Pomerleau Inc and subsidiary ITC Construction Group, one of Canada's largest construction companies.
Positive
- Secured strategic investment partnership with Pomerleau Capital Inc.
- Access to construction expertise through Pomerleau Inc and ITC Construction Group
- $800 million aggregate construction budget for GEC® projects under development
- Potential expansion of partnership model to other Metro Vancouver properties
Negative
- None.
News Market Reaction 1 Alert
On the day this news was published, GECSF declined 0.73%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
VANCOUVER, BC / ACCESSWIRE / November 28, 2024 / Global Education Communities Corp. ("GECC" or the "Company") (TSX:GEC)(OTCQX International:GECSF) is pleased to announce the execution of several agreements relating to an investment in one of GECC's limited partnerships (the " Project ") by an affiliate of Pomerleau Capital Inc (" PCAP "). In addition to its investment, PCAP will co-develop the Project, with plans to extend this model of investment and co-development to other GEC® student housing properties in Metro Vancouver. The investment was completed on November 20, 2024.
"We are excited to be working with PCAP," commented Toby Chu, Chairman, President and Chief Executive Officer of GECC. "We feel this is an investment partnership and a fully integrated strategic relationship. In addition to capital resources, PCAP brings additional value from its construction arm, Pomerleau Inc and its subsidiary ITC Construction Group, ranked one of Canada's largest construction companies. The ongoing development and construction needs of various GEC® projects will require extensive support, and this collaboration will create synergies for all parties involved. The aggregate construction budget of GEC® projects under development exceeds
"The GEC® project in which PCAP is making its first investment will be significant for the Vancouver community, and we are proud to be a part of it" commented Frederic Bettez, Vice President - Chief Investment Officer of Pomerleau Capital. "Our partnership with GECC enables us to combine our financial resources and construction expertise to develop high-quality student residences. Together, we aim to address the growing demand for student housing while promoting sustainable and innovative construction practices. This collaboration represents a major milestone in our shared vision and will be a concrete way of helping the community. We look forward to the positive impact it will have," confirmed Mr. Bettez.
About Pomerleau Capital:
Pomerleau Capital is Pomerleau's financial arm specializing in the investment and financing of infrastructure, energy transition, and building projects. The Pomerleau Capital team is dedicated to the development of investment opportunities, project financing, and asset management. To date, Pomerleau Capital has structured over
About GECC:
GECC is one of Canada's largest education and student housing investment companies focused on the domestic and global education market since 1994. GECC 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. GECC offers over 150 educational programs in healthcare, business management, e-commerce, cyber-security, hotel management, emergency paramedic, and language training through these schools.
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 super-centres. In fiscal 2024, GECH held nine projects comprising 14 buildings in operation and different stages of development under the GEC® brand in Metro Vancouver. GECH provided accommodation services to 95 partner schools serving students arriving from across Canada and 79 countries. The total portfolio and development budget under the GEC® brand exceeds
GECC 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 is a leading design and advertising company based in Vancouver, Canada. Visit us online and watch our corporate video at www. GEChq.com.
In fiscal 2024, GECC serviced over 12,500 domestic and international students through its educational, rental housing and recruitment subsidiaries.
For more information, contact:
Toby Chu
Chairman, President & CEO
Global Education Communities Corp.
Investor Relations Contact: 1-604-871-9909 extension 319 or | Email: info@GEChq.com
SOURCE: Global Education Communities Corp
View the original press release on accesswire.com
FAQ
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