Rockwell Land takes controlling stake in Alabang Town Center

Lopez-led Rockwell Land Corporation is moving to take control of Alabang Town Center (ATC), one of Muntinlupa City’s most well-known shopping destinations, after Ayala Land pulled out of the partnership that operates the mall.

In a filing with the Philippine Stock Exchange, Rockwell Land said it has signed agreements to buy shares from Francisco Madrigal Bayot Jr. of the Madrigal family. The Madrigals are the other owners of Alabang Commercial Corporation (ACC), the company that runs ATC together with Ayala Land.

This development came after Ayala Land announced that it had sold its 50% stake in ACC to the Madrigal group for P13.5 billion.

Rockwell Land, for its part, is buying a 74.8% stake in ACC for P21.6 billion—giving it majority control of Alabang Town Center.

Rockwell Land chairman and CEO Nestor Padilla said the opportunity came earlier this year, when Bayot invited the company to explore plans to redevelop ATC.

“It was a compelling opportunity for Rockwell Land to expand further in southern Metro Manila, especially given the size and long-term potential of the property,” Padilla said.

He added that the company’s immediate priority is to ensure a smooth transition and begin planning for ATC’s redevelopment.

Rockwell Land is best known for Rockwell Center Makati, a high-end mixed-use development anchored by Power Plant Mall.

The ATC acquisition fits into Rockwell Land’s broader retail expansion plans, which include new Power Plant Mall developments in Angeles City, Pampanga; Cebu City; and Bacolod.

Alabang Town Center currently has more than 500 retail and office tenants.

Rockwell Land said the deal will add 137,000 square meters of leasable space to its portfolio—boosting its retail and office footprint by 58%.—MCG, GMA Integrated News