Billionaire Andrew Tan is adding $970 million to his Spanish real estate portfolio with a new mall in Madrid

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

Kevin Tan – the CEO of publicly traded spirits conglomerate Alliance Global Group – shared the latest development on his Facebook page. “Today is another historic day for the Philippines as we finally opened the doors of the new Torre Caleido Shopping Mall, our first mall and township project outside of the country,” wrote younger Tan on Oct. 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 Emperador Properties in Spain. Emperador Properties – named after Tan’s listed spirits company Emperador, owner of Scots whiskey maker Whyte & Mackay – owns and manages €1 billion ($970 million) of properties 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 controlling shareholder of Philippine real estate giant Megaworld Properties – bought the 55-story skyscraper Torre Emperador in 2015, the same year Emperador acquired Bodegas Fundador, the world’s largest brandy producer. Since then he has been driving the global expansion of the group.

In July, Tan’s Emperador completed its secondary listing on the Singapore Stock Exchange as the group looks to boost whiskey and brandy sales in China and the US

Emperador and Megaworld are subsidiaries of Tan’s holding company Alliance Global, which this year committed 60 billion pesos to expand its real estate, liquor and fast-food chain businesses. With a net worth of $2.4 billion, Tan was ranked 10th when the Philippines’ 50 richest list was last released in August.

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