Manila-based Emperador Inc has purchased the 55-storey Torre Espacio office property in Madrid for €550 million (US$614 million) from Grupo Villar Mir. This acquisition marks the food and spirits manufacturer’s entry into the European real estate market.

The 64,610-square-metre 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 Holding, British American Tobacco and the Embassy of Canada.

Emperador is part of the Philippines-based Alliance Global conglomerate and is owned 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 producers of brandy in the world with the brand Emperador.