Rockwell Land Corp. said Monday it acquired a majority controlling stake in Alabang Commercial Corp. (ACC), the owner and operator of Alabang Town Center, for P21.6 billion as the real estate firm seeks to expand its footprint in southern Metro Manila.
The property arm of the Lopez family said in a disclosure to the stock exchange it signed share purchase agreements with Francisco Bayot Jr. and other shareholders to acquire 74.8 percent of ACC’s outstanding capital stock.
The transaction grants Rockwell Land control over a 17.5-hectare commercial property in Muntinlupa City that houses more than 500 retail and office tenants.
Rockwell Land chairman and chief executive Nestor Padilla said the deal followed an invitation from Bayot to consider redeveloping the site.
Padilla noted that the property presents a compelling opportunity to grow the company’s presence in the south given its scale and long-term potential.
The acquisition adds about 137,000 square meters of gross leasable area to the company’s portfolio, marking a 58-percent increase in its retail and office holdings.
Rockwell Land, known for its high-end developments such as the Power Plant Mall in Makati, intends to focus on a smooth transition and the eventual redevelopment of the Alabang site.
The move follows a related transaction last week in which Ayala Land Inc. sold its 50-percent stake in ACC to the Madrigal family for P13.5 billion.
Rockwell Land is pursuing several other retail expansions across the Philippines, including projects in Angeles City, Cebu City and Bacolod.
The company said the size of the Alabang Town Center property offers significant development opportunities over the long term.
