Pure Group of Companies will partner with a subsidiary of Global Education Communities Corp. (GECC) to develop the $330-million GEC Education Mega Centre in Surrey, in Metro Vancouver, the companies announced Monday.

The transaction completed on May 1.

No other financial details have been released, though a release from GECC (GEC-T) states Pure Group and GECC will be co-general partners of the GEC Education Mega Centre (EMC).

Pure Group is to be responsible for the development, financing, construction and asset management. Upon completion, GECC is to manage EMC under the GEC brand.

The deal was brokered by Avison Young, and is the second major development venture involving GECC and its subsidiaries this year.

In another deal brokered by Avison Young, Global Education City announced an investment from Pomerleau Capital toward a $135-million plan to develop a 450-bed student-focused rental housing project at 42nd Avenue and Cambie Street in Vancouver.

Surrey tower to help alleviate housing shortage

The Surrey development is being led by GEC Education Mega Centre LP, and is to be located at 10240 City Parkway.

“We are pleased to partner with Pure Group on this significant project . . ." Toby Chu, GECC’s chairman, president and CEO, said in the announcement. "The housing crisis in Metro Vancouver, with rental vacancy rates at 0.8 per cent according to the CMHC's fall 2024 report, presents a severe challenge for local rental tenants. 

“The impact on students is likely even more pronounced. GEC's Education Mega Center represents a meaningful step towards addressing this critical issue. Partnering with experienced financial and investment partners like Pure Group will enable us to accelerate the development of additional GEC student rental properties throughout Metro Vancouver and beyond.”

A development permit has been issued for the project, which includes a 49-storey mixed-use tower, featuring one floor of retail space, two floors preleased to GECC’s subsidiary schools, 43 floors of market rental residential units accommodating 1,380 occupants, and three amenity and mechanical floors. 

Following GECC’s business model, the market rental units are to be student-centric, fully furnished, and offer housekeeping and security. Amenities are to include an electronic library, video conferencing facilities, a fitness centre, a quiet lounge, a coffee shop, a games room and computer labs.

Accommodations for faculty, staff

EMC will also allocate market rental units to faculty and staff of GECC’s educational partners.

It is expected to accommodate both Canadian and international students from nearby schools such as Simon Fraser University, Kwantlen Polytechnic University, Douglas College, Sprott Shaw College and the upcoming UBC Surrey Campus.

“We are excited to bring our extensive development and financing expertise to the GEC Education Mega Centre project,” Steven Evans, president and CEO of Pure Group, said in the release. “We are big believers in the importance of Central Surrey’s position in Metro Vancouver, and the timing aligns well with the Surrey-Langley Skytrain expansion, new Cloverdale Hospital, and the expansions of SFU and UBC. 

“We look forward to collaborating with GECC to deliver much needed student-centric housing and contribute to the remarkable development of Surrey’s City Centre."

EMC is within 100 metres of the Surrey Central SkyTrain station and the future Simon Fraser University Medical School; 150 metres of Simon Fraser University (Surrey Campus) and Kwantlen Polytechnic University (Surrey Central Campus); about two kilometres from Douglas College (Surrey), Sprott Shaw College (Surrey), and the future University of British Columbia (Surrey) campus.

GECC states there are at least 14 public and private colleges and universities within the City of Surrey - with none providing housing for students or staff.

“Avison Young is proud to have brought together GECC and Pure Group in this state-of-the-art partnership, developing off-campus housing that will radically change the way students and staff live in Surrey, B.C.,” Jason Mah, principal, Avison Young, said in a statement provided to RENX.

“This deal will bring value not only to the students but to the broader community, by delivering safe, attractive housing in a much-needed area, given none of the post-secondary schools in Surrey offer student accommodations – so we congratulate GECC and Pure on this major undertaking.”

About GECC and Pure Group

GECC was established in 1994, and has become a major player in the Canadian education and student housing sector, serving both domestic and international markets. GECC’s services encompass business and language colleges, student rental apartments, recruitment services for educational opportunities and over 40 campuses and offices.

GECC’s subsidiaries now provide services for 10,000 students annually, at institutions like Sprott Shaw College, Sprott Shaw Language College, Vancouver International College and CIBT.

Its Global Education City Holdings Inc. subsidiary develops and manages student rental apartments and education centres in Metro Vancouver, with a portfolio exceeding $1.3 billion of operational properties and projects under development.

Pure Group is a Canadian-based real estate investment and development firm.

During the past 20 years, Pure Group's entities have included the Pure Industrial Real Estate Trust (PIRET), Sunstone Opportunity Funds and Pure Multi-Family REIT. These platforms monetized $6.4 billion of properties, including over 9,000 residential units, more than 20 million square feet of industrial space and 50 retail assets.

Since 2020, Pure Group has refocused on multifamily development opportunities in British Columbia.