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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 $800 million. A reliable financial and construction partner will add tremendous value to the applicable projects."
"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 $5 billion in financing for large-scale, complex infrastructure projects. Pomerleau Capital manages a portfolio of over $500 million in assets, particularly through its Real Assets Fund, which focuses on projects contributing to the development of healthy, sustainable communities. For more information on Pomerleau Capital, visit https://pomerleau.ca/en/pomerleau-capital.