Ayala Land Inc. has sold its 50 percent stake in Alabang Town Center to its joint venture partner, the Madrigal family, for ₱13.5 billion.
In a regulatory filing on Tuesday, the company said the sale covers its ownership in Alabang Commercial Center Corp., which owns and operates the mall. Ayala Land said the deal allowed it to cash in on a mature asset at a premium price.
The company said proceeds from the sale will be used to fund the expansion of its leasing business and return capital to shareholders. It added that the transaction follows its strategy of developing properties, stabilizing operations, and selling assets at the right time to support future growth.
Ayala Land president and CEO Anna Ma. Margarita B. Dy said the sale will help accelerate the development of new commercial and retail projects. Over the next five years, the company plans to add nearly 700,000 square meters of new leasable space across key growth areas in the country.
But even with the sale, Ayala Land said it will continue its presence in Alabang through ongoing projects such as the 6.6-hectare Cerca Estate.
Alabang Town Center, originally called Alabang Commercial Center, opened in 1982. It was developed by the Ayala and Madrigal families as a key commercial hub to serve nearby upscale residential communities, including Ayala Alabang Village.
