Philstar
Rockwell, Madrigals in talks for ATC facelift
Rockwell Land has confirmed it is in discussions with the Madrigal family for the potential redevelopment of Alabang Town Center.
Ayala Land Inc. has exited Alabang Commercial Center Corp., the entity that owns and operates ATC, after executing a share purchase agreement with its joint venture partner.
Ayala Land stated its decision to sell was to focus on developing new, high-growth leasing assets.
The Madrigal family is reportedly in talks with Rockwell Land regarding the mall's redevelopment.
Rockwell Land is known for operating the Power Plant Mall in Makati and developing residential properties nationwide.
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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.
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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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