Rockwell Land taps P5-B loan from BDO
The Lopez family’s Rockwell Land Corp. will get a fresh P5-billion loan from Sy-led BDO Unibank Inc. to bankroll the property developer’s expansion projects.
In a stock exchange filing on Thursday, Rockwell Land said its board of directors had approved the 10-year term loan facility from BDO.
“The proceeds of the loan will be used to fund capital expenditures, land acquisitions and other investment,” Rockwell Land said in its disclosure.This follows the company’s announcement in February that it will seek loans of P5 billion each from Philippine National Bank and Rizal Commercial Banking Corp. for its expansion projects. Last year, the developer behind the Rockwell Center complex in Makati City announced plans to develop more projects outside Metro Manila.
A 100-hectare (ha) estate will stand in Bulacan province, while an 85-ha beach community is planned in the municipality of Lian in Batangas province.
In Cebu City, the company has begun converting the old International Pharmaceuticals Inc. (IPI) office into the mixed-use community IPI Center by Rockwell, its third project in Cebu province.—Meg J. Adonis INQ
