Rockwell Land Corporation of the Lopez Group of Companies has acquired a majority controlling interest in Ayala Land Inc.’s Alabang Town Center, a 17.5-hectare commercial complex in Muntinlupa City.
The company confirmed the acquisition on Monday but did not disclose the transaction amount.
“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,” Rockwell Land Chairman and CEO Nestor Padilla said.
“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,” he added.
Rockwell Land, known for its flagship mixed-use Rockwell Center Makati anchored by Power Plant Mall, said the acquisition aligns with its strategy of expanding lifestyle-oriented retail developments nationwide.
Its retail portfolio includes Power Plant Nepo in Angeles City, new retail spaces at Rockwell at IPI Center in Cebu City, and Power Plant Mall Bacolod.
Alabang Town Center currently hosts more than 500 retail and office tenants and is seen by Rockwell Land as having strong long-term redevelopment potential due to its size and location.