Dubai's Profile Investments Group will acquire a major stake in Leisure Canada (LCI), a statement said.

The LCI statement said its Board of Directors has approved the signing of a conditional agreement with Profile Investments, pursuant to which Profile and persons associated therewith will acquire 46 percent of the fully diluted issued capital of LCI as enlarged through the issuance of new shares to Profile, thereby raising C$15 million. 

In addition, Profile and persons associated therewith have agreed to invest US$5 million in the company's operating subsidiary, Wilton Properties Limited, it said.

Leisure Canada is a leading developer of luxury resorts in Cuba, with multiple properties currently under development, including five-star hotels, over 4,200 hotel rooms and PGA championship golf courses.

Profile Investments is a member of the Dubai-headquartered Profile Group which has substantial interests in Dubai, including projects on the Dubai Waterfront and the internationally renowned The World development. It also global interests in real estate across India, the GCC, Cape Verde and North Africa.

Walter Berukoff, the executive chairman of Leisure Canada said: "This agreement will provide Leisure Canada with the backing of a vertically integrated global real estate developer. All of the elements are now in place to accelerate development of our world class asset base in Cuba and become that nation's premier hospitality and real estate development company."

Hanif Patel, founder and chairman of the Profile Group, said: "Leisure Canada's major assets are in Cuba. We are extremely excited about potential co-operation and synergies which will arise from this investment. We can help them market their products and, at the same time, offer this exotic market to our client base of over 30,000 investors."

Patel added: "With almost US$ 20 million in new capital, and with further capital injections planned in the near future, Leisure Canada will be very well positioned to complete existing projects and acquire new assets in Cuba."  -TradeArabia News Service