Pérez-Llorca advises Emperador on acquisition in Torre Caleido
Emperador Properties, the Spanish SOCIMI backed by Filipino family capital, has completed the acquisition of the remaining 50% stake in Torre Caleido — also known as the Fifth Tower in Madrid’s prestigious Paseo de la Castellana business complex — for €76 million, according to real estate sources.
With this transaction, Emperador Properties gains 100% ownership of the landmark development, bringing its total real estate portfolio in Spain to over €1 billion, including Torre Emperador Castellana and Torre Diagonal One in Barcelona.
Spanning 138,000 sqm, Torre Caleido comprises:
- 15,000 sqm of retail space
- 14,000 sqm dedicated to healthcare, operated by Olympia Grupo Quirónsalud
- 52,000 sqm used for education, currently occupied by IE University
- 35,000 sqm of parks and green areas
The seller was Incus Capital, which had acquired the 50% stake in 2021 from Priesa, part of Grupo Villar Mir, in a deal valued at €92 million at the time.
Emperador Properties is led by Andrew Tan, whose Megaworld Corporation controls more than 2 million sqm of commercial property and over 12,000 hotel rooms in the Philippines. This marks the second major real estate deal between Villar Mir and Tan, following the 2015 sale of Torre Emperador Castellana for €550 million.
The legal team at Pérez-Llorca advised Emperador Properties in this latest acquisition. The team was led by José Ángel Nabal (Corporate Partner, pictured left), Nasif Hamed (Corporate Partner, centre-left), Patricia Alonso-Lamberti (Corporate Lawyer, pictured centre right), Eduardo Castilla (Corporate Lawyer), José Azqueta (Tax Partner, pictured right) and María Gutiérrez (Tax Lawyer).
