Corporate News

Andrew Tan buys Madrid skyscraper

Posted on November 30, 2015

ANDREW L. TAN, the Philippines’ third richest man, is buying a skyscraper in Madrid, Spain for €558 million (P11.15 billion or $591 million), Reuters reported on Friday.

TORRE Espacio is one of the tallest buildings in Madrid, Spain. --
Spain’s Grupo Villar Mir, a core shareholder of international concessions and construction group OHL, has agreed to sell Torre Espacio to Mr. Tan’s Emperador, Inc., Reuters said quoting a source at the group.

At 230 meters, Torre Espacio (Space Tower) is considered one of the tallest buildings in Spain. Several embassies, including those of the United Kingdom, Canada and Australia, hold offices at the building.

This is not the first time Mr. Tan, whose net worth is estimated by Forbes magazine at $3.7 billion, is making a foray into Spain.

Emperador, the liquor arm of Mr. Tan’s Alliance Global Group, acquired Spanish brandy maker Bodega San Bruno S.A. in 2013, including vineyards in the brandy-producing Jerez region.

In 2014, Emperador bought a 50% stake in another brandy producer Bodega Las Copas, a unit of Spanish firm González Byass.

Emperador currently has over a thousand hectares of vineyard land in Spain, as part of its overseas expansion plans.

Alliance Global also partnered with the foundation of Spain’s top football club Real Madrid to conduct football clinics in the Philippines. -- CRAG