Global Education Communities Corp. Announces New Master Lease Agreement for GEC Kingsway Property

VANCOUVER, BC / ACCESSWIRE / April 16, 2024 – Global Education Communities Corp. (GECC) (TSX:GEC)(OTCQX:GECSF) has finalized a five-year Master Lease Partnership Program agreement with a local developer. This contract, concerning a property at 4589 Gladstone Street, includes an option for a five-year renewal, a discounted lease rate, and a profit share from any property sale during the lease. The property is scheduled to be operational by August 1, 2024.

GEC® Kingsway, part of this lease, will serve as a six-storey residential facility covering nearly one city block, and includes amenities such as a fitness centre, student lounge, roof deck patio, and underground parking. Toby Chu, Chairman, President and CEO of GECC, noted the strong demand for pre-bookings and anticipates the facility to generate annual revenues exceeding $5 million.

Located strategically near Vancouver’s Nanaimo SkyTrain station, GEC® Kingsway provides easy access to several educational institutions and is expected to support both domestic and international student populations in Vancouver.