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."
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IFA Hotels & Resorts spreads its wings to the Far East
- United Arab Emirates: Saturday, January 06 - 2007 at 09:16
- PRESS RELEASE
IFA Hotels & Resorts (IFA HR) recently expanded its global presence by acquiring approximately 24.9% of Raimon Land Plc, a Bangkok based luxury condominium and real estate development company listed on the Stock Exchange of Thailand (SET).
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IFA Hotels & Resorts - www.ifahotelsresorts.comIFA Hotels & Resorts (IFA HR) are leaders 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
Listed on the Kuwait Stock Exchange, with a market capitalization of US$ 1 billion, IFA HR's main shareholder is Kuwaiti based International Financial Advisors (IFA). IFA HR listed on the Johannesburg Stock Exchange Feb.27th 2006.
Globally, IFA HR has entered into strategic alliances and Joint- Venture partnerships with leading companies such as Kingdom Hotel Investment Group (Saudi Arabia), Nakheel (UAE), United Investments Portugal, a strategic alliance with RCI (part of the Cendant's Group) and Moreland Developments (Pty) Ltd (South Africa), Boschendal Ltd, ( South Africa).
IFA HR aims to link its resorts to new parts of the globe, such as the US, the UK, Mauritius, Eastern Europe and the Far East. This will offer investors and tourists access to world class facilities through a network of hotels, residential resorts, vacation and residence club destinations.
IFA HR's Worldwide Projects:
DUBAI
IFA HR is the largest investor on The Palm Island, Jumeirah.
• Fairmont Palm Hotel & Resort - A 400 room 5 star hotel on the trunk of The Palm, Jumeirah,
• Fairmont Palm Residence - 558 luxury Apartments
(www.fairmontpalmresidence.com),
• The Palm Residence - Al Nabat and Al Haseer - two shoreline residential buildings with 246 apartments on the trunk.
• The Palm Golden Mile development - A Joint Venture with Nakheel, developers of The Palm. A project featuring over 860 luxury apartments, 19,500 sq. meters of office space and 22,000 sq. meters of retail space comprising of boutique shops and restaurants, stretching along a 1.5 kilometre of canal side corniche. (www.thepalmgoldenmile.com)
• A Mixed-Use Resort - A 1,000 room destination on the Crescent of The Palm (adjacent to Atlantis) comprising a Hotel, Vacation Club, Residences and Private Residence Club, to be managed by Fairmont Hotels & Resorts,
• Laguna Tower - A 40 storey mixed-use tower located in the Jumeirah Lake Towers, next to the Dubai marina, comprising residential apartments and a Hotel - Residence managed by Mövenpick Hotels & Resorts, the Mövenpick Hotel & Residence Laguna Tower Dubai, in addition to retail and restaurants along the waterfront.
(www.lagunatower.com)
LEBANON
• Alabadiyah Hills - A luxurious mountainside retreat in Bhamdoun, overlooking Beirut. This 7.5 hectare project will comprise of high end residential villas, town houses, apartments, in addition to a world renowned spa and beauty clinic, which will be managed by Kempinski Hotels.
(www.abadiyahhills.com)
• Four Seasons Hotel -IFA HR has a major share in the upcoming development.
PORTUGAL
IFA HR is the force behind the super-premium Sheraton Algarve Hotel (www.luxurycollection.com) and Pine Cliffs Resort (www.pinecliffs.com), part of Starwood's Luxury Collection.
SOUTH AFRICA
IFA HR listed on the JSE in 2006.
• Zimbali Coastal Lakes & Resort - IFA HR owns a 50% share in the luxurious resort, a 680 hectare prime residential and resort estate located on the North Coast of KwaZulu-Natal. (www.zimbali.co.za)
• Zimbali Lodge - IFA HR owns the exclusive Zimbali Lodge, managed by Sun International Limited. (www.zimbalilodge.co.za)
• Fairmont Zimbali - A new 150 key resort, with 115 Apartments, 17 luxury villas and 10 Fractional ownership units to be managed by Fairmont Hotels & Resorts. (www.fairmontzimbali.com)
• Boschendal Limited - A mixed-use resort development at this historic Cape Estate
KENYA:
• Lonrho Hotels - IFA HR has a majority stake in 5 Lonrho Hotels in Kenya (www.lonrhohotels.com)
ZANZIBAR:
• Mövenpick Resort & Spa - Zanzibar- Located on the historic Tanzanian spice island, with joint venture partner Kingdom Hotel Investments, the new resort will be re-opened in the last quarter of 2006 and will be managed by Mövenpick Hotels & Resorts. (www.zanzibarbeachresort.com)
UNITED KINGDOM:
• YOTEL - IFA HR is the majority investor in the two YOTEL hotels in Heathrow and Gatwick. (www.yotel.com)
Investment And Hospitality Products:
IFA HR programme of brand acquisition and developer partnerships will continue into the future and is evidenced by the ever growing strength of its product range:
• IFA - Hotels & Resorts
• IFA Properties
• IFA - Lifestyle Membership Clubs
• IFA - Vacation Ownership
• IFA - Fractional Ownership
• IFA - Hotel Ownership
• IFA Yacht Ownership
• IFA - Residences
• IFA - Travel & Tourism
This unique product range enables IFA HR to continuously anticipate and deliver to the varying property investment and leisure requirements across the globe.
For further information please contact:
Orient Planet PR & Marketing Communications
Tel : +971 4 3988901
Fax : +971 4 3988941
Website: www.orientplanet.com
Posted by Lara Lynn Golden, News EditorSaturday, January 06 - 2007 at 09:16 UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of AME Info FZ LLC / Emap Limited.
This article was updated on Sat Jan 13 2007.
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