It’s official: Rockwell takes over Alabang Town Center in P21.6-B deal
Rockwell Land Corp. has acquired a controlling stake in Alabang Town Center, cementing its entry into one of southern Metro Manila’s largest commercial hubs through a transaction valued at P21.6 billion.
In a disclosure on Monday, the listed property developer said it executed share purchase agreements to acquire 74.8 percent of Alabang Commercial Corp. (ACC), the company that owns and operates the 17.5-hectare Alabang Town Center complex in Muntinlupa City.
Rockwell Land said the transaction would significantly expand its commercial portfolio, with ACC’s existing assets adding around 137,000 square meters of gross leasable area to its retail and office footprint.
This represents a 58-percent increase in Rockwell Land’s current portfolio, providing what it described as long-term redevelopment opportunities in a prime location.
The deal makes it the new landlord of more than 500 retail and office tenants.
Rockwell Land chair and CEO Nestor Padilla said the opportunity to acquire a controlling stake in Alabang Town Center had been presented earlier this year, citing the scale and long-term potential of the property as key considerations behind the move.
Padilla said that the company’s immediate focus would be to ensure a smooth transition and begin planning for the redevelopment of the site.
“We are very grateful to Mr. (Francisco) Bayot (Jr.) and the Madrigal family for this opportunity. Our immediate focus is on ensuring a smooth transition and planning its redevelopment,” he added.
After Ayala’s exit
Bayot and the Madrigal family previously held the majority stake, with Ayala Land Inc. as a partner. Prior to this transaction, the Ayalas unloaded their interest.
Despite the change in ownership, Rockwell Land emphasized that Alabang Town Center would continue operations, with no immediate disruption to tenants.
The company said the size of the property allows for significant development potential over the long term, aligning with its strategy of enhancing and repositioning established commercial assets.
Rockwell Land is best known for its flagship mixed-use development, Rockwell Center, Makati, anchored by Power Plant Mall, which has long been positioned as a premium retail and lifestyle destination.
The acquisition builds on Rockwell Land’s previously announced retail expansion initiatives, which include: Power Plant Nepo in Angeles City, Pampanga; additional retail spaces at Rockwell IPI Center in Cebu City; and Power Plant Mall Bacolod at Rockwell Center Bacolod.
Rockwell Land said the acquisition strengthens its presence in the south of Metro Manila, while giving it a larger platform to pursue future growth in the retail and office segments.
