Rockwell Land Corp., led by the Lopez group, has acquired a majority controlling stake in Alabang Town Center (ATC) for P21.6 billion.
The company bought 74.8 percent of Alabang Commercial Center Corp. (ACC), which owns and operates the 17.5-hectare shopping mall in Muntinlupa. ACC is led by the Madrigal family.
The purchase price will be paid in three equal installments, due in December 2025, December 2026, and December 2027.
Rockwell Land chairman and CEO Nestor Padilla said the deal followed an invitation earlier this year from ACC president Francisco “Jun” Bayot to explore the redevelopment of ATC. Padilla said the property offers strong long-term potential and fits Rockwell’s plans to expand further in southern Metro Manila. He added that the company’s immediate priority is a smooth transition and redevelopment planning.
The transaction follows Ayala Land Inc.’s recent sale of its 50 percent stake in ATC to the Madrigal family for P13.5 billion.
Rockwell Land is known for Rockwell Center Makati and the Power Plant Mall. The company has been expanding its retail business through new projects in Pampanga, Cebu, and Bacolod.
Alabang Town Center has more than 500 retail and office tenants. Rockwell said the acquisition will add about 137,000 square meters of gross leasable area to its portfolio, increasing its retail and office space by 58 percent.
