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IFA Hotels & Resorts ups stake in Raimon Land

by This email address is being protected from spam bots, you need Javascript enabled to view it  on Wednesday, 05 August 2009
RELATIONSHIP DEEPENS: Kuwait's IFA HR deepens its relationship with Thailand's Raimon Land as it raises its stake to 41.07%. (Getty Images)
RELATIONSHIP DEEPENS: Kuwait's IFA HR deepens its relationship with Thailand's Raimon Land as it raises its stake to 41.07%. (Getty Images)

Kuwait-headquartered IFA Hotels & Resorts (IFA HR) confirmed on Wednesday it recently acquired an additional 14.92 percent stake in Raimon Land, bringing its overall stake in the Bangkok, Thailand-based real estate development company to 41.07 percent.

Werner Burger, President and COO of IFA HR, said in a statement: "We have been working closely with Raimon Land for the past two and a half years and have witnessed many positive synergies between the two companies.

''Raimon Land is the leader in premier real estate development in Thailand. Their residential projects are on track and currently being completed with successful handover to customers."

Hubert Viriot, Raimon Land CEO, said: "We have seen great value created by working closely with IFA Hotels & Resorts.

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''Fortunately, the Asian market is showing signs of healthy recovery in comparison to other regions. We strongly believe we will maintain strong sales levels and will continue to deliver quality products and residences to our valued customers."

IFA HR initially entered the Thai market in January 2007.

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