Rockwell Land Corporation is set to take majority control of Alabang Town Center (ATC), a landmark shopping complex in Muntinlupa City, following Ayala Land’s exit from the joint venture that has operated the mall for decades.
In a disclosure to the Philippine Stock Exchange, the Lopez-led developer said it has signed agreements to acquire shares in Alabang Commercial Corporation (ACC) from Francisco Madrigal Bayot Jr. of the Madrigal family. ACC owns and operates Alabang Town Center.
The transaction comes shortly after Ayala Land announced the sale of its 50 percent stake in ACC to the Madrigal group for ₱13.5 billion, effectively ending Ayala’s involvement in the property.
Rockwell Land said it will purchase a 74.8 percent stake in ACC for ₱21.6 billion, giving the company controlling interest in ATC.
Rockwell Land chairman and chief executive officer Nestor Padilla said the opportunity emerged earlier this year, when Bayot approached the company to explore redevelopment plans for the mall.
“This was a compelling opportunity for Rockwell Land to strengthen its presence in southern Metro Manila, particularly given the scale and long-term potential of the property,” Padilla said.
He noted that the company’s immediate focus will be on ensuring a smooth ownership transition, while laying the groundwork for future redevelopment of the site.
Rockwell Land is best known for developing Rockwell Center Makati, a premium mixed-use estate anchored by the Power Plant Mall. In recent years, the company has been expanding its retail footprint beyond Metro Manila.
The acquisition of ATC aligns with Rockwell Land’s broader growth strategy, which includes new Power Plant Mall projects in Angeles City, Pampanga; Cebu City; and Bacolod.
Alabang Town Center currently hosts more than 500 retail and office tenants and is one of the largest lifestyle malls in the south of Metro Manila. Rockwell Land said the transaction will add approximately 137,000 square meters of gross floor area to its portfolio, further strengthening its position in the Philippine retail property market.
