CEIBA Investments Limited

Investing in real estate and other real assets in Cuba

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Update from our investment manager, Sebastiaan Berger – 25 November 2020

Cuba and Covid-19

Being amongst the best in class does not always pay off - immediately. Although, Cuba is tackling the Covid-19 pandemic in an exemplary manner and has reopened its international airports and part of its hotel inventory, worldwide travel restrictions and limited flights have resulted in a slow recovery of Cuba's tourism sector.

Assets and Operations of CEIBA Investments Limited

As a result, the Meliá Varadero and Meliá Las Américas hotels in Varadero, in which CEIBA Investments Limited ("CEIBA" or the "Company") has an interest remain closed for now, whilst occupancy levels in the Meliá Habana and Sol Palmeras hotels are starting to grow. Occupancy of the Miramar Trade Center, Havana's principal office and retail complex, remain steady in the high nineties, with an accumulated net profit so far this year that surpasses the net profit generated in the same period in 2019 (which was its best year ever).

Construction of the Meliá Trinidad Península hotel, a 400 room beachfront resort near Trinidad, Cuba, has continued at a slow pace throughout the year and is now for over 60% completed. The structural works on all main and secondary buildings and swimming pools, as well as roof weatherproofing and electrics are nearly complete. The modification of construction and finance schedules to adapt to changing circumstances are presently being discussed.

As announced previously, in December 2020, the Company expects to formalize its participation in a new multi-phase industrial park to be located in the Special Development Zone of Mariel, Cuba. The Company will acquire a 50% interest in GBM Interinvest Technologies Mariel S.L., which is on track to begin groundworks on the 11.3-hectare plot for the construction of the first four warehouses of the project by the end of the year.

Key People

Sebastiaan Berger

Sebastiaan Berger

Lead Manager

Sebastiaan A.C. Berger is a Dutch trained lawyer who has resided in Cuba since 1996. He has been assisting foreign investors in Cuba since 1996, first as founder of the Havana office of an international law firm, then as a founding partner of Berger, Young and Associates (1998). He has been the lead investment manager of CEIBA Investments Limited and Representative of the Havana Office of CEIBA Property Corporation Ltd. (CEIBA) since 2002.
Stephen Coltman

Stephen Coltman

Senior Investment Manager

Stephen Coltman is a Senior Investment Manager within the Alternative Investment Strategies division at ASI. Stephen has extensive experience investing across both public and private markets and spent the majority of his formative years based in Latin America, including a 3 year period in Cuba during the 90s. Stephen is a CFA charterholder.*

* CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute

  • Sebastiaan Berger

    Lead Manager

    Sebastiaan A.C. Berger is a Dutch trained lawyer who has resided in Cuba since 1996. He has been assisting foreign investors in Cuba since 1996, first as founder of the Havana office of an international law firm, then as a founding partner of Berger, Young and Associates (1998). He has been the lead investment manager of CEIBA Investments Limited and Representative of the Havana Office of CEIBA Property Corporation Ltd. (CEIBA) since 2002.
  • Stephen Coltman

    Senior Investment Manager

    Stephen Coltman is a Senior Investment Manager within the Alternative Investment Strategies division at ASI. Stephen has extensive experience investing across both public and private markets and spent the majority of his formative years based in Latin America, including a 3 year period in Cuba during the 90s. Stephen is a CFA charterholder.*

    * CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute

John Herring

John Herring

Chairman

John qualified as a Chartered Accountant in 1982. In 1986, John joined the corporate finance department of Kleinwort Benson, where he was involved in the IPOs on the LSE for several companies. In 1996 he established his own private equity advisory business and joined the boards of a number of public and private companies including JD Wetherspoon plc where he became deputy chairman and served as a non-executive director for 14 years. He is currently the non-executive chairman of the Edinburgh Woollen Mill Group Limited. John acts as a Consultant to Northview Investment Fund Limited which currently owns 32,150,544 Ordinary Shares representing 29.86 per cent. of the existing issued share capital of the Company.
Trevor Bowen

Trevor Bowen

Non-Executive Director

Experienced director with over 30 years’ experience spanning across a variety of industries. Trevor spent 11 years as a partner of KPMG and 17 years managing U2 and other artists. Trevor has acted as a non-executive director on a number of boards, most notably a director on the board of Ulster Bank for 9 years, which included 6 years as the chairman of the Banks audit committee. He is an Irish national and a Qualified Chartered Accountant.
Keith Corbin

Keith Corbin

Non-Executive Director

Principal and executive chairman of Nerine International Holdings Limited, a network of trust and fiduciary services companies with operations in Guernsey, British Virgin Islands, Hong Kong, India, and Switzerland and serves as a director of a number of regulated financial services companies. He is also the senior independent non-executive director of HarbourVest Global Private Equity Limited, a FTSE 250 company. Keith is an Associate of Chartered Institute of Bankers (ACIB) and a Member of the Society of Trust and Estate Practitioners (STEP).
Pete Cornell

Peter Cornell

Senior Independent Director

Peter is a founding partner of Metric Capital, a pan-European special situations fund. He is a non-executive Director of F&C Commercial Property Trust Limited and a member of the International Advisory Board of the Madrid Business School. Previously he was Global Managing Partner of Clifford Chance until 2006. During his 36 year tenure with Clifford Chance his roles included managing partner for Spain and Continental Europe. He then became managing director of Terra Firma, a European private equity firm until 2011. Peter holds a BA (Hons) in Economics and History.
Colin Kingsnorth

Colin Kingsnorth

Non-Executive Director

Colin is a partner and director of Laxey Partners Limited, a UK-based active value investment firm focusing on closed-end funds and property investments. Colin previously worked for Robert Fleming Asset Management, headed the investment trust research at Olliff & Partners and managed the emerging markets fund of Buchanan Partners Limited. In 1995, Colin co-founded Regent Kingpin Capital Management. In 1997, he founded Laxey Partners Ltd with Andrew Pegge. Since then Laxey Partners Ltd has become a prominent active value investor focusing on closed-end funds and property investments. Colin holds a BSc in Economics and is a CFA Charterholder.
  • John Herring

    Chairman

    John qualified as a Chartered Accountant in 1982. In 1986, John joined the corporate finance department of Kleinwort Benson, where he was involved in the IPOs on the LSE for several companies. In 1996 he established his own private equity advisory business and joined the boards of a number of public and private companies including JD Wetherspoon plc where he became deputy chairman and served as a non-executive director for 14 years. He is currently the non-executive chairman of the Edinburgh Woollen Mill Group Limited. John acts as a Consultant to Northview Investment Fund Limited which currently owns 32,150,544 Ordinary Shares representing 29.86 per cent. of the existing issued share capital of the Company.
  • Trevor Bowen

    Non-Executive Director

    Experienced director with over 30 years’ experience spanning across a variety of industries. Trevor spent 11 years as a partner of KPMG and 17 years managing U2 and other artists. Trevor has acted as a non-executive director on a number of boards, most notably a director on the board of Ulster Bank for 9 years, which included 6 years as the chairman of the Banks audit committee. He is an Irish national and a Qualified Chartered Accountant.
  • Keith Corbin

    Non-Executive Director

    Principal and executive chairman of Nerine International Holdings Limited, a network of trust and fiduciary services companies with operations in Guernsey, British Virgin Islands, Hong Kong, India, and Switzerland and serves as a director of a number of regulated financial services companies. He is also the senior independent non-executive director of HarbourVest Global Private Equity Limited, a FTSE 250 company. Keith is an Associate of Chartered Institute of Bankers (ACIB) and a Member of the Society of Trust and Estate Practitioners (STEP).
  • Peter Cornell

    Senior Independent Director

    Peter is a founding partner of Metric Capital, a pan-European special situations fund. He is a non-executive Director of F&C Commercial Property Trust Limited and a member of the International Advisory Board of the Madrid Business School. Previously he was Global Managing Partner of Clifford Chance until 2006. During his 36 year tenure with Clifford Chance his roles included managing partner for Spain and Continental Europe. He then became managing director of Terra Firma, a European private equity firm until 2011. Peter holds a BA (Hons) in Economics and History.
  • Colin Kingsnorth

    Non-Executive Director

    Colin is a partner and director of Laxey Partners Limited, a UK-based active value investment firm focusing on closed-end funds and property investments. Colin previously worked for Robert Fleming Asset Management, headed the investment trust research at Olliff & Partners and managed the emerging markets fund of Buchanan Partners Limited. In 1995, Colin co-founded Regent Kingpin Capital Management. In 1997, he founded Laxey Partners Ltd with Andrew Pegge. Since then Laxey Partners Ltd has become a prominent active value investor focusing on closed-end funds and property investments. Colin holds a BSc in Economics and is a CFA Charterholder.

 

Financial calendar

Year End 31 December
Accounts Published April
Annual General Meeting June
Dividend Paid May

Company Details

CEIBA Investments Limited
Registered Office:
Dorey Court,
Admiral Park,
St Peter Port
Guernsey
GY1 2HT

The Company was incorporated in Guernsey as a non-cellular company limited by shares on 10 October 1995 under registration number 30083. It was admitted to the Specialist Fund Segment of the Main Market of the London Stock Exchange on 22 October 2018.

The Company is a Registered Closed-ended Collective Scheme pursuant to The Protection of Investors (Bailiwick of Guernsey) Law, 1987, as amended, and the Registered Collective Investment Schemes Rules 2015 issued by the Commission. The Company operates under the Companies Law and ordinances and regulations made thereunder.

The Company is a country fund with a primary focus on Cuban real estate assets.

The Company will seek to deliver the investment objective primarily through investment in, and management of, a portfolio of Cuban real estate assets, with a focus on the tourism-related and commercial property sectors. Cuban real estate assets may also include infrastructure, industrial, retail, logistics, residential and mixed-use assets (including development projects). The Company may also invest in any type of financial instrument or facility secured by Cuba related cash flows or other receivables.

In addition, subject to the investment restrictions set out below, the Company may invest in other Cuba-related businesses, where such are considered by the Investment Manager to be complementary to the Company’s core portfolio (“Other Cuban Assets”). Other Cuban Assets may include, but are not limited to, Cuba related businesses in the construction or construction supply, logistics, energy, technology, and light or heavy industrial sectors.

Investments may be made through equity, debt or a combination of both.

Risk Warning
Risk warning
The value of investments and the income from them can go down as well as up and you may get back less than the amount invested. Please refer to the relevant Key Information Document (KID) prior to making an investment decision. Please be aware of scams that can affect investors.