Italpinas Development Corp. (IDC) announced over the weekend that it has finalized a deal for businessman Benjamin Tan Co to come as a strategic investor. The investment, structured as a private placement, will see Co acquire a 15 percent stake in the boutique developer.
The deal was completed at a share price of P1.99, based on IDC’s book value as of its 2023 financial statement, with the total investment amounting to approximately P187.92 million.
Co, a prominent figure in the Philippine business landscape, brings a wealth of experience from his diverse portfolio across various industries, including petrochemicals, steel manufacturing, and real estate. His family and associates also control extensive land holdings across the country, with assets in locations such as Palawan, Cavite, Boracay, and Pampanga.
Romolo Nati, IDC chairman and CEO, expressed confidence in the partnership, noting that the search for the right strategic investor had taken over two years. “With his years of experience, and his prominence and reputation in the business community, Mr. Co will be a great partner to IDC as it continues to grow,” Nati said.
Italpinas, known for its focus on sustainable development and Italian green architecture, has built a reputation as an early mover in emerging real estate markets, particularly in areas outside Metro Manila. Co shares this vision, citing the ongoing shift in the real estate sector toward peripheral regions, which aligns with IDC’s expansion strategy.
“We believe that the Philippine economy, including its real estate market outside Metro Manila, has a bright and dynamic future,” Co said. “IDC’s proven capabilities and commitment to sustainability make it the ideal partner to help grow my property portfolio.”
Looking ahead, IDC intends to continue expanding its footprint in underdeveloped regions and is also exploring opportunities in tourism and hospitality. This follows a recent partnership with the Ascott Group, aimed at developing hospitality assets.
In addition to the private placement, Co and IDC already have a co-development agreement for a prime property in Puerto Princesa, signed earlier this year. IDC President Jose D. Leviste III added, “This synergy between the two groups will allow IDC to unlock its full potential in becoming the leading developer of sustainable properties in the country.”
With the backing of Co and his substantial industry expertise, IDC is poised to accelerate its growth and further solidify its position as a leader in sustainable real estate development in the Philippines.
