Real estate developer Italpinas Development Corp. (IDC) has gained a significant financial boost through a private placement agreement, securing over P188 million from a strategic investor.

Businessman Benjamin Tan Co, recognized for his ventures in petrochemicals, steel manufacturing, and other industries, acquired a 15 percent stake in IDC's primary shares at P1.99 per share, amounting to approximately P188 million.

The transaction follows IDC’s 2022 stockholders' approval to sell up to 20 percent of its new primary shares to an investor.

IDC Chairman and CEO Romolo Nati over the weekend described the decision as the result of careful deliberation.

“With his years of experience and reputation in the business community, Mr. Co will be a great partner as IDC continues to grow,” Nati said.

“The Philippine economy has a bright future, particularly in real estate outside Metro Manila. IDC is a perfect partner for developing my property portfolio,” he added.

Known for its focus on emerging locations and sustainable development, IDC plans to expand into new areas and venture into the tourism and hospitality sector.

The company has partnered with Co through a co-development agreement signed in June for a property in Puerto Princesa.