Of the five skyscrapers that define Madrid’s modern skyline, two—Torre Emperador Castellana (far right) and Torre Caleido (center, black tower)—are now 100% owned by Filipino tycoon Andrew Tan through Emperador Properties, marking a landmark achievement in Philippine global investment.
A Filipino footprint in the heart of Europe
Known as Madrid’s “Fifth Tower,” Torre Caleido is a 36-story vertical complex that houses IE University’s business school campus, a private hospital operated by Grupo Quirónsalud, public green spaces, and a luxury retail area. With this acquisition, Emperador Properties now owns 100% of the complex.
“This is a proud moment not just for our company, but for all Filipinos,” said Jorge Domecq, CEO of Emperador Properties. “We’re building a global legacy rooted in Philippine excellence.”
The deal behind the tower
The remaining 50% of Torre Caleido was acquired from British investment firm Incus Capital for approximately €76 million plus associated costs. To finance the transaction, Emperador Properties secured a €40 million mortgage from Spain’s BBVA Bank, with the rest covered by internal resources.
A billion-euro dream realized
With the acquisition, Emperador Properties joins the ranks of top foreign real estate investors in Europe. The firm also owns Torre Emperador Castellana (formerly Torre Espacio) in Madrid and Torre Diagonal One in Barcelona. It was listed on Spain’s BME Growth stock exchange in 2022, a rare feat for a Filipino-led company.
A turnaround story in the making?
Although Caleido is high-profile, it has yet to post profits. The project reported losses of €6.3 million in 2023, and a cumulative €16.8 million since its opening. Emperador Properties believes it can turn the corner by integrating operations, enhancing tenant performance, and optimizing long-term asset use.
“We’re not just buying buildings—we’re shaping cities,” said Domecq.
From brandy to buildings
While the name “Emperador” is globally associated with brandy, Emperador Properties is a distinct and separate real estate company under Andrew Tan’s Alliance Global Group, which also owns Megaworld Corporation in the Philippines.
From building liquor empires to reshaping skylines, Tan’s ventures are rewriting what’s possible for Filipino enterprises abroad.
