BRIGHTPATH EARLY LEARNING INC CALGARY, AB (July 29, 2015) - BrightPath Early Learning Inc. ("BrightPath" or the "Company") (TSX-V: BPE), the leading Canadian provider of quality early childhood education and care, announced today its intention to develop its fifth purpose-built early learning centre. The centre is to be located in the London Place West shopping centre owned and managed by First Capital Realty Inc. ("First Capital"). The centre will be modelled on BrightPath's highly successful McKenzie Towne centre, which is also adjacent to a premier First Capital shopping centre. Earlier today, the Company announced it has agreed to monetize its McKenzie Towne building through a sale leaseback transaction on favourable terms.
Located in southwest Calgary, the Richmond Early Learning and Child Care Centre will be strategically located adjacent to key arterial roads providing convenience and visibility to residents in the surrounding areas and commuters along its path. When completed, the centre will comprise approximately 245 licensed spaces in a 20,000 square foot facility on approximately one acre of land. The primary trade area consists of more than 60,000 residents including more than 4,100 children up to five years of age. Management believes that this segment of the Calgary market is significantly under-served with fewer than 850 licensed spaces available; moreover, many of these spaces do not match the standard offered in BrightPath's new, state-of-the-art facilities.
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