HAVANA, Oct. 23th CEIBA Investments, the Cuban real estate investor, has acquired a 50% stake in a mixed-use industrial park development project in Mariel.The initial investment in GBM IT Mariel, the company spearheading the development, will be limited to €1.5m.
GBM IT Mariel will develop and operate a mixed-use multi-phase industrial park on an undeveloped tract of 11.3 hectares. The scheme will include industrial logistics, warehousing, production facilities, offices and other spaces and is located in the Special Development Zone of Mariel, Cuba.
The first phase of the project is due to start in 2021 and includes the construction of four warehouses with a total area of 11,000 square metres (118,400 sq ft).
By entering into the industrial and logistics real estate sector and the new geographic location, CEIBA is diversifying its asset base (its current assets comprise an office scheme in Havana and four hotels asset – one in Havana and three in Varadero).
The company said the deal will position it to take early advantage of expected new areas of strong growth in the Cuban economy as the country focuses its efforts on local production of goods and the substitution of imports.
About GBM IT Mariel
GBM IT Mariel is a Spanish limited liability company that was incorporated in 2019 for the purpose of developing the project. It is the first international investor to have been authorised to construct, own and operate a large-scale industrial warehouse complex in Cuba without a Cuban equity partner. Its present shareholders have extensive experience in Cuba and were previously involved in the early development of CEIBA largest asset, the Miramar Trade Centre office.
About the Special Development Zone of Mariel
The Special Development Zone of Mariel was officially inaugurated in November 2013 and so far an infrastructure investment program in excess of US$1 billion has been carried out. As a Special Development Zone, it has a distinct legal regime and special rules governing corporate, banking, tax, employment and other matters, which are more favourable than those applicable elsewhere in the country.
It comprises a total area of 465 km2 and is located approximately 27 miles to the west of the city of Havana. It is connected by a new road and railway links and its port is on the principal shipping route of the Gulf of Mexico, south of Florida and north of the Panama Canal.
Under the first phase of development, an area of approximately 45 km2 located on the western side of the Bay of Mariel is being developed as regional and international shipping, trans-shipment, container, logistics and industrial production hub. The container terminal facility of ZED Mariel is managed by Singapore’s PSA International.
At present, there are 16 foreign capital companies and 5 joint venture companies operating in ZED Mariel, including companies owned by Unilever, Nestlé, British American Tobacco and Bouygues Construction. In addition, another 10 foreign capital companies and seven joint venture companies have been authorised and are presently setting up operations.