Istithmar Hotels, the hospitality asset management arm of Istithmar, the Dubai-based alternative investment house, has acquired a 24.99% shareholding in Thai real estate developer, Raimon Land. This is Istithmar’s second investment in Thailand following a purchase of shares in Bumrungrad Hospital in early 2006.
“Istithmar has looked very closely at Thailand and we feel that Raimon Land is an excellently managed, well positioned developer with a high potential for outstanding growth, offering an excellent investment opportunity”, said Joe Sita, CEO of Istithmar Hotels. “We have every confidence in Raimon Land’s management team, led by Nigel Cornick, and fully support their vision for the company.”
Raimon Land runs projects in central and suburban Bangkok, as well as the coastal resort locales of Pattaya and Phuket.
This investment continues the strategic plan of Istithmar, and specifically Istithmar Hotels, to seek prime investment possibilities in the real estate markets in Asia. Real estate is one of the four areas in which Istithmar focuses its investments, along with industrial, consumer and financial services. Besides Thailand, the company has investments in India, as well as interests in China, and continues to see a high potential throughout the Asian region.