Billionaire Andrew Tan Boosts $970 Million Spanish Property Portfolio With New Shopping Mall In Madrid

Filipino Billionaire Andrew Tan is expanding his privately held 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 tycoon’s publicly listed property to spirits conglomerate Alliance Global Group—shared the latest development on his Facebook page. “Today marks another historic day for the Philippines as we have finally opened the doors of the new Torre Caleido Shopping Center, our first mall and township project outside the country,” the younger Tan posted on October 7.

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The Torre Caleido Shopping Center near Madrid’s Cuatro Torres business district is one of the commercial properties owned by Tan’s privately held Emperador Properties in Spain. Emperador Properties—named after Tan’s publicly traded liquor company Emperador, the owner Scotch whisky producer Whyte & Mackay—owns and manages properties worth €1 billion ($970 million) in the country including office towers Torre Digital One in Barcelona and Torre Emperador Castellana in Madrid, according to its website.

Tan—who is also the controlling shareholder of Philippine 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. He has been stepping up the group’s global expansion since then.

In July, Tan’s Emperador completed its secondary listing on the Singapore Exchange, as the group eyes boosting whisky and brandy sales in China and the U.S.

Emperador and Megaworld are subsidiaries of Tan’s holding company Alliance Global, which has 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 list of the Philippines’ 50 Richest was last published in August.