The successful placement of a Bt750 million debenture fully subscribed by Lehman Brothers has been announced by Raimon Land. Raimon says proceeds will be used for continued expansion of their development pipeline.
The debenture is a market rate facility provided by Lehman Brothers and uniquely structured against the cash flow from the receivables of their existing sale and purchase contacts, primarily and Northshore, Pattaya.
“As we push ahead with the introduction of additional grade ‘A’ residential condominium developments in Thailand, funding facilities such as the one established by Lehman Brothers will help ensure that we maintain a consistent pipeline of projects and revenue for the company for the foreseeable future,” says Nigel Cornick, CEO of Raimon Land.
Meanwhile, Raimon Land launched the lastest edition of its Condominium Focus in February, which covers the Bangkok market, the recovery in Phuket’s condo market, the recent growth of a competitively priced sector in Hua Hin and the steady march up-market of developments in Pattaya.