Philippino investor agrees €558m acquisition of Madrid's Torre Espacio

Spanish privately owned conglomerate Grupo Villar Mir is understood to have agreed the sale of Torre Espacio, one of Madrid's tallest skyscrapers, to Philippino investor Emperador for €558 mln.

The agreed price represents a premium of over 10% to Villar Mir's asking price of around €500 mln. PropertyEU reported in July that the Spanish group had put the asset up for sale through broker Aguirre Newman.

Emperador is a major brandy producer based in the Philippines and a wholly-owned subsidiary of holding Group Alliance Global.

Completed in 2007, the 57-storey Espacio tower provides 56,250 m2 of space and has an occupancy rate of 85%. With a height of 230 metres, it is one of the highest towers in Madrid and is located in the Cuatro Torres area, north of the central Paseo de la Castellana.

Around half of the scheme is leased to units of the Villar Mir Group. Other tenants include Alpiq Energía, British American Tobacco, Afirma as well as the Embassies of Canada, the UK, Australia and the Netherlands.