15 November 2018
Carey Olsen and JTC support Cuba-focused fund with London listing
Carey Olsen's Guernsey funds team and leading funds service provider JTC have assisted CEIBA Investments Limited to help bring its listing on the Specialist Fund Segment (SFS) of the London Stock Exchange to fruition.
CEIBA is the largest listed foreign investor offering dedicated investment opportunities directly into Cuba. Its investment portfolio currently includes a modern office complex in Cuba, four existing hotels and a development of a 400-room hotel. On admission to the SFS on 22 October, CEIBA had a market capitalisation of approximately £137 million.
Carey Olsen partner Ben Morgan led the team advising CEIBA on its listing and was assisted by senior associate Chris Hutley-Hurst and associate Felicity White.
Mr Morgan said: "This listing clearly represents a key step for a highly innovative fund that will open up further capital raising opportunities to maintain its momentum in the Cuban real estate market. It is also further evidence of Guernsey’s appeal for listed vehicles, and we continue to see a strong pipeline of work in this area."
As part of the listing, CEIBA re-registered as a closed ended investment fund in Guernsey, with JTC offering bespoke depositary-lite services for the new entity through its JTC Global AIFM Solutions service line in Guernsey.
John Herring, Chairman of CEIBA Investments Limited, said: "We are very pleased to have successfully listed the company on the Specialist Fund Segment of the London Stock Exchange, which means that we are able to look forward and continue to build on our record of successful investment in Cuba."
James Tracey, Managing Director of JTC in Guernsey commented: "We have a relationship with CEIBA spanning over a decade, and it is a privilege to be able to support the company in the latest stage of its journey through a landmark listing on the SFS in London. Not only is this listing a good news story for CEIBA, it’s also a strong reflection of our AIFM complimentary services and the strength of the Guernsey regime for specialist fund and corporate work."