Tuesday 23 January
Powered by Ajaxy
Apr 25, 2016 @ 12:47

Bilyonaryos set sights on European real estate

 

Ultra high net worth individuals are increasingly turning their attention to the European real estate market for capital growth and wealth preservation.

Leading the pack is bilyonaryo Andrew Tan who recently acquired the 57-storey Torre Espacio, which is considered one of the tallest skyscrapers in Spain, for $591 million (roughly P11.15 billion).

Situated in Cuatro Torres de la Castellana, Madrid, the 230-meter Torre Espacio is home to several embassies including those of UK, Canada, and Australia.

Tan has tapped dutch financial group ING Bank as the sole underwriter and mandated lead arranger for a 280-million euro, seven-year loan to finance half of the acquisition price for Torre Espacio.

ING Bank Manila country manager Consuelo D. Garcia said Europe, particularly Spain, which has close historic ties with the Philippines, was a good destination for Asian investors because of its good valuation, transparency, ease of doing business, and specialized high-tech sector.

European real estate markets are the largest and most international, having attracted the most global inward investment, with London emerging as the number one global destination for private investments driven by the weak pound.

Demand for European commercial real estate from Asian investors is expected to grow due in part to their need to diversify their investment portfolio.

Apart from Spain’s real estate market, Tan,through its hard liquor unit Emperador Inc., took control of Spanish brandy marker Bodaga San Bruno S.A. including vineyards in 2013. The move further solidified Emperador’s position as the world’s largest brandy company and made it one of the largest foreign investors in Jerez, the brandy capital of Spain.

Tags: , , , , , , , , , , ,

Related Stories
Hussein Sajwani, the Dubai billionaire with links to US President Donald Trump, said Wednesday he
Personal remittances from Filipinos working abroad remained brisk, reaching $28.2 billion in January-November of last
Smart Communications Inc. continued to provide the fastest LTE speed (long-term evolution) but Globe remained
Britain said it would tighten laws on high stakes gaming machines to protect "the most


 

Trending News

Recommended on sister sites

Copyright © 2018 Bilyonaryo - bilyonaryo.com.ph.