on Global Education Communities Corp (CVE:GEC)
GECC Divests Sprott Shaw College to European Education Provider
Global Education Communities Corp. (GECC) has entered a definitive agreement to sell its Sprott Shaw College subsidiary to a European education provider. The all-cash transaction is valued at approximately $35 million, translating to about $0.52 per GECC share. This sale excludes the company's student housing assets.
Post-sale, GECC retains Sprott Shaw Language College and Vancouver International College. Over 90 other schools in Metro Vancouver will continue to feed into GECC's student housing properties. Chairman Toby Chu highlights the sale as a strategic shift, focusing on GECC's student housing portfolio.
GECC aims to become a dominant student housing provider in British Columbia. The company's development strategy involves acquiring, rezoning, and developing properties, collaborating with strategic partners. GECC currently operates eight rental towers, with further developments underway.
R. E.
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