GMA News
Rockwell Land takes controlling stake in Alabang Town Center
Lopez-led Rockwell Land Corporation is acquiring a 74.8% stake in Alabang Commercial Corporation (ACC), the owner of Alabang Town Center, for P21.6 billion from the Madrigal family.
This acquisition follows Ayala Land's sale of its 50% stake in ACC to the Madrigal group for P13.5 billion.
Rockwell Land chairman and CEO Nestor Padilla stated that the opportunity to redevelop the premier suburban lifestyle center, given its size and long-term potential, was compelling for expanding their presence in southern Metro Manila.
The company's immediate priority is to ensure a smooth transition and begin planning for Alabang Town Center's redevelopment.
Alabang Town Center houses over 500 retail and office tenants.
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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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