Rappler
Lopez family’s Rockwell buys Alabang Town Center from Madrigals for P21.6 billion
Rockwell Land Corporation, a property firm of the Lopez family, has acquired a nearly 75% stake in Alabang Commercial Corporation (ACC), the owner of Alabang Town Center, for P21.6 billion from the Madrigal family.
The deal was initiated by Francisco Madrigal Bayot, grandson of former senator Vicente Madrigal, who invited Rockwell Land to consider redeveloping the premier suburban lifestyle center.
Rockwell Land chairman and CEO Nestor Padilla cited the scale and long-term potential of the property as a compelling opportunity to expand their presence in the south of Metro Manila.
The company aims for a smooth transition and will focus on planning the redevelopment of Alabang Town Center, which houses over 500 retail and office tenants.
Rockwell Land will pay the P21.6 billion in three equal installments over the next three years.
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Rockwell Land has confirmed it is in discussions with the Madrigal family for the potential redevelopment of Alabang Town Center.
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Ayala Land, Inc. (ALI) has agreed to sell its 50% stake in Alabang Commercial Center Corporation (ACC), the owner and operator of Alabang Town Center, to its joint-venture partner, the Madrigal family, for P13.5 billion.
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