The Three Kings Parade (or Cabalgata de Reyes) starts at 6:30 PM (18:30) on the Paseo de la Castellana at the Nuevos Ministerios corner of San Juan de la Cruz plaza and will continue down the Castellana to the Cibeles Plaza.
Before the parade begins in Cibeles, David Moreno is offering a music and lights show "TRES HOMBRES BUENOS" or "three good men" with a suspended piano. Promises to be good.
The Three Kings should - children permitting- arrive at Cibeles around 8:45 pm. The parade is a traditional event in Spain and concludes the Christmas season with the bringing of gifts to the children all over the country.
If you're wondering what to expect, here's a video from last year's parade: