Andrew Tan takes Spanish property firm public

Billionaire Andrew Tan will list his $1-billion property company in Spain next week, further raising his international profile after completing the dual listing of Philippines-based liquor giant Emperador Inc. in Singapore last July.

Tan’s Emperador Properties, a real estate holding firm that is separate from Emperador Inc., will officially list in Spain’s BME Growth Stock Exchange on Dec 19, according to a statement.

This is the first Filipino-owned company to be listed in the Spanish exchange and the second international public corporate debut of Tan, a billionaire owns Philippine consumer, property, liquor and casino conglomerate Alliance Global Group Inc.

“This listing at the Spanish Stock Exchange now gives Emperador Properties a bigger platform to achieve a more efficient financing mechanism to increase its capacity of capturing more real estate resources to finance its future growth,” the developer said in a statement.

“Additionally, the company aims to provide a liquidity mechanism for shareholders, and to facilitate a new system for objective valuation of shares, increasing both the company’s visibility and transparency compared to third parties,” it added.

Emperador Properties owns the 57-storey Torre Emperador Castellana and the 35-storey Torre Caleido Shopping Center both in Madrid, and the 23-story Torre Diagonal One in Barcelona.

It operates as the Spanish equivalent of a real estate investment trust (REIT), whose assets are geared toward recurring revenues.

Emperador Properties said only the Torre Emperador Castellana and Torre Diagonal One, which have a combined gross leasable area of 86,719 square meters, are classified as REIT assets.

“We are looking forward to seeing how Emperador Properties evolves in this new stage. Our commitments to our employees, tenants, and partners remain as present as always in our day-to-day life,” Joan Cortés Vilardell, CEO of Emperador Properties, said in the statement.

Emperador Properties earlier obtained approval from the relevant regulatory body. The firm will be listed under the stock code “YEPSA”, it added.

Torre Emperador Castellana is a local landmark, standing as one of the country’s tallest and most exclusive buildings.

Its floor spaces range from 1,200 square meters per floor at the higher levels to 1,600 square meters for the lower levels. It also features six parking levels offering more than 1,270 parking spaces.

Tan acquired the Torre Emperador, then called Torre Espacio, as a personal investment in 2015.

That same year, Emperador Inc. announced the acquisition of Fundador Pedro Domecq, Spain’s largest and oldest brandy producer.