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HAVANA-In a $20-million deal exemplifying the expanding global reach of commercial real estate, a Middle Eastern company has acquired a 46% stake in a Canadian company focused on creating resort properties in Cuba. The infusion from Dubai-based Profile Investments LLC will assist implementation of the company's platform in Cuba, according to Walter Berukoff, executive chairman of Leisure Canada.

"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," says Berukoff in revealing the commitment. Profile's vertically integrated operation should enhance that effort, adds Berukoff, whose firm is traded on the Toronto Stock Exchange.

The president of Profile Investments' parent firm, the Profile Group, expresses similar optimism about the partnership. Profile is already active in such areas as Cape Verde, North Africa and the Persian Gulf, notes Hanif Patel, and the union with Leisure Canada will give entry to the Caribbean for some 30,000 Profile investment clients. Profile, says Patel, "is extremely excited about potential co-operation and synergies which will arise from this investment."