Rockwell spends nearly P28B to secure near-total control of Alabang Town Center

Insider Spotlight

• Rockwell’s total investment reaches about P28 billion after raising its stake in Alabang Commercial Corp. to 99.26 percent.
• The latest P6.2-billion acquisition comes just seven months after the company bought control of Alabang Town Center from the Madrigal family.
• Rockwell is moving ahead with a decade-long redevelopment of the estate, led by architect Carlos Ott, aimed at restoring ATC’s character while modernizing the property.

The Lopez family-backed Rockwell Land tightened its grip on Alabang Town Center by buying out most of the remaining shareholders, bringing its total investment in the 17.5-hectare commercial estate to about P28 billion.

In a stock exchange filing on Thursday, the Lopez-led developer said it signed share purchase agreements to acquire another 22.96 percent of Alabang Commercial Corp. for P6.2 billion, increasing its ownership to 99.26 percent from 76.3 percent.

The latest transaction comes about seven months after members of the Madrigal family, led by scion Francisco Madrigal Bayot Jr., sold control of the company that owns the Ayala Land-developed Alabang Town Center to Rockwell in a landmark P21.6-billion deal.

Payments made over 2 years 

The latest acquisition also covers shares held by other members of the Madrigal family, one of the Philippines’ oldest landed clans.

Rockwell will settle the P6.2-billion acquisition in three equal annual installments through July 2028.

Biggest bet yet

The nearly P28-billion investment marks Rockwell’s biggest acquisition since the company was established and reflects its push beyond its flagship Rockwell Center development in Makati into larger mixed-use estates.

The company has already begun preparing a long-term redevelopment of the property, which it sees as a key growth platform in southern Metro Manila.

Reviving a landmark

Rockwell has tapped internationally renowned architect Carlos Ott and local architect Jun Rodriguez to prepare the estate’s master plan.

Initial work over the next two years will focus on improving parking, traffic circulation and the tenant mix before larger redevelopment projects begin.

Over the next five to ten years, Rockwell plans to restore Alabang Town Center’s “old charm” while transforming it into a more vibrant suburban lifestyle destination.

—Edited by Miguel R. Camus