Country Group Development Partnered With Oxford International College, The UK’S No. 1 A-Level College for its Education Centre in UK

COUNTRY GROUP DEVELOPMENT PUBLIC COMPANY LIMITED (“CGD”) has signed an agreement with Oxford International School Limited, trading as Oxford International College (“OIC”) which is part of Nord Anglia Education, one of the world’s largest leading premium international school organizations, to operate a new school on the premises of Ovingdean Hall, Greenways, Brighton, England (“Ovingdean Hall”).

The company reveals that CGUK 1 Limited (the “Company”) (a CGD subsidiary company) has entered into a new 32-year lease agreement with OIC, guaranteed by Nord Anglia Education to use Ovingdean Hall for an international boarding school for 11 – 18-year-old pupils. The property expects to commence partial operations this year with a formal opening in September 2023.

OIC was established in 2002, and is ranked No. 1 in terms of academic result in both the 2021 Telegraph league tables and the 2021 ‘best schools’ league table. OIC was initially set up by academics with a strong interest in education and with the view to provide exceptional one to one tuition, extending the model of Oxford and Cambridge University style of supervisions/ tutorials to school-aged students.

Founded in 1972, Nord Anglia Education is now one of the world’s largest leading premium international school organizations, with 76 international day and boarding schools in 31 countries. Nord Anglia Education acquired three of the UK’s leading independent day and boarding schools from the Oxford International Education Group as of 31 March 2021. The three new schools are Oxford International College, d’Overbroeck’s, and Oxford Sixth Form College, all of which are based in Oxford, England and are amongst the highest-ranked schools in the UK. The schools’ students regularly achieve amongst the top 1% of results in A-levels and GCSEs and go on to study at the world’s top universities including the University of Oxford and the University of Cambridge.

The freehold interest in Ovingdean Hall was acquired in 2016 by CGD for GBP 18 million (THB 831 million) and at the time was subject to an existing 16-year lease agreement. The Grade II listed classic Georgian Hall built in 1782 and its associated school campus buildings are located within impressive grounds extending to 20.24 acres and provide office, education and recreational space, together with boarding accommodation for up to 450 pupils across six principal detached buildings.

In March 2021, the Company entered into an agreement to terminate the existing lease agreement as part of a strategic asset management plan for the property. These negotiations saw the Company receiving a structured surrender fee of GBP6.50 million together with an obligation for extensive refurbishment to the building’s exterior fabric. The Company already recognized income from this transaction THB 276.99 million in Q1’21.  

“This partnership with Oxford International College and Nord Anglia Education is an important step forward in our growth into the education sector and we are delighted to achieve this key milestone with such prestigious institutions. The school, strategically located in central Brighton, will now have secure future revenue that enhances the asset value considerably.” said Ben Taechaubol, Chief Executive Officer of CGD.  

This successful partnership with Nord Anglia Education endorses CGD’s vision and mission in delivering the best-in-class projects across all sectors under its developments and investments.