The real estate development company is the new owner of the sprawling complex in the south.
In a disclosure on Monday, December 22, m Rockwell Land Corporation announced that it has acquired a majority controlling interest in Alabang Town Center in Muntinlupa City.
The said 17.5-hectare site is home to more than 500 retail and office tenants, with Rockwell viewing it as a “significant expansion of its commercial footprint in the south,” noting the opportunities that come with it.
Rockwell Land Chairman and CEO Nestor Padilla said in his statement, “Earlier this year, Mr. Francisco “Jun” M. Bayot invited us to consider redeveloping Alabang Town Center. It presented a compelling opportunity for Rockwell Land to further expand our presence in the south of Metro Manila, particularly given the scale and long-term potential of the property.”
He added, “We are very grateful to Mr. Bayot and the Madrigal family for this opportunity. Our immediate focus is on ensuring a smooth transition and planning its redevelopment.”
This news comes almost a week after Ayala Land, Inc. (ALI) announced that it has sold its 50% stake in ATC to its partner, which “provided a premium,” that made ALI “recognize gains from the sale and monetize its stake in Alabang Town Center.”
“Proceeds from the sale will fuel further growth in our Leasing portfolio and provide our stakeholders with return of capital,” the group added.
Rockwell Land is best known for its flagship mixed-use development, Rockwell Center Makati, which is anchored by the premium retail and lifestyle destination Powerplant Mall.
Aside from that, Rockwell Land has previously announced retail expansion initiatives, which include Power Plant Nepo in Angeles City, Pampanga; the addition of new retail spaces within Rockwell at IPI Center in Cebu City; and, Power Plant Mall Bacolod in Rockwell Center Bacolod, among others.