IFA Takes Larger Stake In Raimon Land
Middle East institutional investor IFA Hotels and Resorts has increased its interest in Thai listed property developer Raimon Land by 14.92%, which effectively brings shareholding to 41.07%. During the economic downturn IFA has continued to put short term operating loans into the local firm as it regards longer term recovery fundamentals as strong. Two of the groups projects are located in Phuket with Kata Gardens which is sold out and The Heights holding only a few remaining unsold units. IFA has also established a permanent port for one of its Yacht Membership vessels which is part of a global scheme targeting high net worth individuals.
Recently Raimon who are developing a mega project in Bangkok 'The River' were able to acquire the defunct Lehman Brothers interest in the project through an acquisition. This current consolidation of the project has resulted in a syndicated refinancing of the project of 5 billon baht by a consortium of 3 leading Thai banks. In spite of a downturn the firm looks to be taking strong measures in ensuring its longer term financial health back of these actions.