TOMAS Olivo has won the battle for Europe’s former tallest skyscraper and one of Madrid’s most famous landmarks.
The billionaire in question controls the property empire General de Galerias Comerciales.
While many tourists may not recognise his name, millions of Costa del Sol visitors know his Marbella shopping centre La Canada.
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The Murcia-born tycoon also owns Nevada Shopping in Granada and recently snapped up Serrallo Plaza.
Now, his latest iconic purchase is the huge stone tower at number 28 Gran Via, one of the Spanish capital’s most recognisable buildings, which has dominated Madrid’s skyline for almost a century.
Built between 1926 and 1929, the skyscraper was once the tallest building in Europe and became a symbol of modern Spain during the early 20th century.
For decades, it served as the beating heart of Telefonica and remains one of the most photographed buildings on Madrid’s famous shopping boulevard.
Today, the 90-metre tower houses the Telefonica Foundation Space and the company’s flagship store, although it stopped being used as an active corporate headquarters last year.
According to Forbes, Olivo is now the sixth richest person in Spain with an estimated fortune of €4.6 billion.
Despite his massive wealth, he is famously private and rarely gives interviews or appears in public.
Telefonica reportedly chose Olivo’s offer over bids from major international investors including Bain Capital and Italian insurer Generali.
Several funds are believed to have pulled out because strict heritage rules make the building difficult to redevelop.
Madrid City Council regulations currently stop the skyscraper from being transformed into a luxury hotel or giant retail complex.
The building also carries the highest level of heritage protection in the capital, meaning its original design and structure must be preserved.
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The sale forms part of Telefonica’s wider plan to offload non-essential property assets and reduce debt while investing more heavily in digital infrastructure.
Under chairman Marc Murtra, the telecoms giant has raised more than €1 billion through property sales in recent years.
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