Philippine group buys office building in Spain for €558m
Manila-based Emperador Group has purchased the 55-story Torre Espacio office property in Madrid for €550 million ($614 million) from Grupo Villar Mir. This acquisition marks the food and spirits manufacturer entry into the European real estate market.
The 695,475-square-foot office asset is part of a four-tower complex known as Cuatro Torres. It is 55 percent occupied and includes a 1,173-space parking garage. Major tenants include Grupo Villar Mir, OHL, Alpiq, British American Tobacco and the Embassy of Canada.
Emperador is part of the Philippines-based Alliance Global conglomerate and is controlled by Andrew Tan, who has one of the largest fortunes in the Philippines, as well as a real estate company called MegaWorld Corp. It is one of the largest producer of brandy in the world with the brand Emperor.
With this purchase, Emperador joins the list of investors that have purchased assets in the Spain market this year. According to Rea