SPANISH SMALL & MID CAPS


Urbas will build a tourist megacomplex in Cuba investing 3,500 M€

Urbas Will Build A Tourist Megacomplex in Cuba Investing 3,500 M€

After three years of negotiations with Cuban authorities, Spanish real estate Urbas has agreed to create a joint venture with CubaGolf, a company that depends on the Cuban Tourism Ministry, to build a tourism and residential complex in the Pasacaballos, to the south of the city of Cienfuegos, with a total investment of around 3.5 billion euros. The company is a classic among the small caps of the Spanish market. Year 2018 was the worst for Urbas since 2008 financial crisis outbreak.