PRZOOM - /newswire/ -
Dubai, UAE, United Arab Emirates, 2007/01/07 - IFA Hotels & Resorts recently acquired approximately 24.9% of Raimon Land Plc, a Thailand Bangkok based luxury condominium.
IFA Hotels & Resorts (IFA HR) recently expanded its global presence by acquiring approximately 24.9% of Raimon Land Plc, a Thailand Bangkok based luxury condominium and real estate development company listed on the Stock Exchange of Thailand (SET). The acquisition is valued at approx. US$ 30 million.
Talal Jassim Al-Bahar, Chairman and Managing Director of IFA HR, said “The Raimon Land acquisition is part of a set strategy to expand the geographic reach of IFA Hotels & Resorts as a global mixed use real estate developer. The Far East is one of the areas that we targeted with the aim of extracting economic value by merging best practices of our global real estate investment, development and asset management capabilities”.
Al-Bahar added: “We believe additional value can be created by incorporating mixed use developments and integrating five-star hospitality and service, and Hotel-Residence concepts into Raimon Land’s existing residential projects. We enjoy successful relationships with other prestigious global property developers including Nakheel, Istithmar, Kingdom Hotel Investments (KHI), Moreland and United Investment Portugal (UIP). We are certain that combining resources with Raimon Land will be of benefit, given our experience with our partner developers.”
IFA HR is widely recognised as one of the world’s leading international companies engaged in the development of premier integrated and mixed-use hotel and tourism resort projects throughout Europe, the Middle East, the Indian Ocean region and Africa. From long term relationships and experience with international hospitality partners, IFA HR will add this expertise to the residential products of Raimon Land.
Raimon Land Plc was listed on the SET in 1994. The group primary focuses on the luxury residential sector in Thailand. Raimon Land’s impressive list of recently completed projects includes The Lofts Sathorn, The Lakes and The Legend Saladaeng in Bangkok. The company is also the force behind some of the most enviable condominium developments in Pattaya and Phuket including Northshore (Pattaya), Kata Gardens (Phuket) and The Heights (Phuket).
Raimon Land recently launched two leading projects in Pattaya and Bangkok. Northpoint in Pattaya will offer 374 freehold units with a choice of studio, 1, 2 and 3 bedroom units and penthouses. The Lofts Yannakart, Bangkok is an 18 story condominium with 178 units. The company is also preparing to launch The River, freehold condominiums including 120 metres of river frontage in central Bangkok.
Werner Burger, President & COO of IFA HR said, “This strategic alliance provides outstanding synergy of skills. Raimon Land is engaged in top end property development in Thailand and has a unique knowledge of the market and region where they have secured and developed prime real estate products. The acquisition is expected to serve as a platform from which we can expand throughout the South East Asian region to pursue further growth and presence.”
Nigel Cornick, Chief Executive Officer of Raimon Land, commented: “We have combined a diverse group of core shareholders and directors providing a valuable blend of property, investment, fund raising and finance with an experienced executive management team in Thailand. Entering into a business alliance with IFA Hotels & Resorts further enhances our portfolio and shows commitment to the rebuilding and sustenance of the Thai economy.”
Al-Bahar concluded “This acquisition serves as a key milestone in our expansion plans and as a global investor in mixed use real estate developments thereby continuing on our strategy to diversify our investment globally and to maximise our shareholder’s value.”