Filipino Billionaire Andrew Tan To List Emperador Properties On Spain’s Bourse At $1 Billion Valuation

December 12, 2022

Emperador Properties' Torre Emperador Castellano (on extreme right) is among Madrid's skyscrapers known as the four towers in the Spanish capital's business district. - AP PHOTO/PAUL WHITE

Real estate and spirits billionaire Andrew Tan is listing his privately held Emperador Properties on the Spanish bourse, becoming the first Filipino-owned company to do so.

Emperador Properties—which is not raising fresh capital from the market debut—owns and manages properties in the country including the 57-story Torre Emperador Castellana and the 35-storey Torre Caleido Shopping Center, both of which are in Madrid, and the 23-story Torre Diagonal One in Barcelona. The assets are worth €1 billion ($1 billion), according to its website.

The company—which is structured as a REIT—will start trading on December 19 in Spain’s BME Growth Stock Exchange, Emperador Properties said in a statement. The market debut provides Emperador Properties a bigger platform to achieve a more efficient financing mechanism to further expand its real estate portfolio in the country, it said.

“To be listed in the Spanish Stock Exchange is, for any company, an important milestone,” Joan Cortés Vilardell, CEO of Emperador Properties, said in the statement. “We are looking forward to seeing how Emperador Properties evolves in this new stage.”

Tan—the controlling shareholder of Philippine real estate giant Megaworld Properties and liquor maker Emperador Inc.—bought the Torre Emperador skyscraper in 2015, the same year Emperador acquired Bodegas Fundador, the world’s largest brandy maker. He has been stepping up the group’s global expansion since then.

In July, the liquor maker completed its secondary listing on the Singapore Exchange, as the group aims to boost whisky and brandy sales in China and the U.S. Emperador Inc. and Megaworld are subsidiaries of Tan’s holding company Alliance Global, which has earmarked 60 billion pesos ($1 billion) this year to expand its real estate, liquor and fast food businesses. With a net worth of $2.4 billion, Tan ranked No. 10 when the list of the Philippines’ 50 Richest was last published in August.

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