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