BIZ BUZZ: Andrew Tan raises stake in Spain
There’s no place like the Philippines for tycoon Andrew L. Tan, founder of Megaworld Corp and chair of Alliance Global Group Inc.
It’s home, after all, and also where Tan made the bulk of his fortune.
Nevertheless, Tan, one of the country’s richest men, has a soft spot for sunny Spain, which explains why he continues to invest in the land of, among others, the fiesta and the siesta.
As Tan shares with Biz Buzz, “Spain has a very special place in my heart. I started doing business in Spain as early as 42 years ago and I always feel I have luck in this beautiful country.”
Just last week, his private real estate investment company Emperador Properties became the sole owner of the iconic, mixed-use urban complex Caleido, which is located within the Cinco Torres business district in Madrid.
Attracting more than five million visits in 2024, Caleido covers 138,000 square meters and is home to a university, a health-care facility, dedicated retail area as well as lush parks, gardens and green open spaces that serve as the lungs of the modern business district.
The acquisition means that Tan’s Emperador Properties has two development assets within the district, the first being the Torre Emperador Castellana. The company also owns the Torre Diagonal One in Barcelona.
Total assets are now valued at more than 1 billion euro but Tan is eager to add even more.
