Quest University’s remaining development lands have been listed up for sale by Colliers International, which even floats the possibility of selling the whole school.
“Although Quest University is seeking offers for the purchase of those lands described herein, the University would also be prepared to consider a comprehensive sale of the entire University and associated development lands with a long-term leaseback arrangement for the continued University/campus use,” reads the Colliers listing.
The development lands are adjacent to the school and were intended to be sold to fund the institution's operations.
The site says the university has appointed it as an agent with respect to its Companies' Creditors Arrangement Act (CCAA) proceedings.
In late January, the school entered financial protection under the CCAA to prevent it from going into receivership or bankruptcy until late May.
This would give the university time to finish classes and come up with a way to financially restructure and pay off its loans.
This happened after its biggest lender, Vanchorvere Foundation called in a $23.6-million debt.
Quest spokesperson Jasmine Aimaq said that listing the school for sale is a matter of pursuing revenue streams from developers.
“Quest hired a commercial broker (Colliers) to help attract, vet, and evaluate a range of developers,” she wrote. “We let our community know several weeks ago in one of our regular email updates. It does not signal a change of course or plans.”
