Billionaire Andrew Tan bolsters his $970m Spanish property portfolio with a new mall in Madrid

Filipino billionaire Andrew Tan is expanding his private real estate portfolio in Spain with the recent opening of the group’s first overseas shopping mall in Madrid.

Kevin Tan– the CEO of the listed property of spirits conglomerate tycoon Alliance Global Group – shared the latest development on his Facebook page. “Today marks another historic day for the Philippines as we finally opened the doors to the new Torre Caleido Mall, our first mall and township project outside the country,” said young Tan le October 7.

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The Torre Caleido shopping center, near the Cuatro Torres business district in Madrid, is one of the commercial properties owned by the private company Emperador Properties of Tan in Spain. Emperador Properties– from the name of the publicly traded liquor company Emperador de Tan, owner of the Scotch whiskey producer Why and Mackay– owns and manages properties worth 1 billion euros ($970 million) in the country, including the Torre Digital One office towers in Barcelona and Torre Emperador Castellana in Madrid, according to its website.

Tan, who is also the majority shareholder of Filipino real estate giant Megaworld Properties, bought the 55-story Torre Emperador skyscraper in 2015, the same year Emperador acquired Bodegas Fundador, the world’s largest brandy maker. Since then, he has accelerated the group’s global expansion.

In July, Tan’s Emperador completed its secondary listing on the Singapore Stock Exchange, as the group plans to boost sales of whiskey and brandy in China and the United States.

Emperador and Megaworld are subsidiaries of Tan’s holding company, Alliance Global, which earmarked 60 billion pesos this year to expand its real estate, liquor and fast food chain businesses. With a net worth of $2.4 billion, Tan ranked No. 10 when the Philippines’ 50 richest list was last released in August.