New Raimon Land investors expect returns of up to 30%
New directors representing two Middle East investors with a combined 49.8 per cent stake in property developer Raimon Land have said they expect a return of up to 30 per cent on their Bt2-billion investment.
Kuwaiti-based IFA Hotel and Resort and the United Arab Emirates firm Istithmar Real Estate have each acquired 24.9 per cent of Raimon Land. IFA Hotel and Resort chairman and managing director Talal Jassim al-Bahar and Istithmar managing director Richard Johnson met Raimon Land's board of directors yesterday following the acquisition in late december. Al-Bahar said his company's investment in Raimon Land was based on the expectation of a return of up to 30 per cent. It intends to use Raimon Land as a base for further investments in Thailand and other countries in Southeast Asia, such as Vietnam. "This is our first investment in Southeast Asia. We believed that Raimon Land has the real-estate experience to be our business arm for expansion in Thailand and other countries in this region," said al-Bahar. Johnson said Thailand was the third Asian market into which Istithmar had expanded, following Singapore and Macau. He said Istithmar was expanding its investments in the region because the real-estate sector here had potential for growth, particularly in Thailand. Somluck Srimalee The Nation
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