MANILA, Philippines – Ayala Land Incorporated (ALI) has sold its 50% ownership of Alabang Commercial Center to the Madrigal family for P13.5 billion. (READ: Jamby Madrigal: Unafraid to pick a fight)

The Alabang Commercial Center Corporation owns and operates Alabang Town Center, a pioneer mall in Muntinlupa City, south of Manila. 

In a disclosure on Tuesday, December 16, the Zobel de Ayalas’ property company said the share purchase agreement was with its existing joint venture partner and is subject to customary closing conditions.

ALI said the Madrigals made an unsolicited offer which “provided a premium, allowing ALI to recognize gains from the sale and monetize its stake in Alabang Town Center.”

It added that “proceeds from the sale will fuel further growth” in its “leasing portfolio and provide our stakeholders with return of capital.”

In the early 1970s, the Madrigal family offered to sell a big tract of land in Alabang to Ayala Corporation, then headed by Enrique Zobel. The two groups decided on a joint venture to develop the 661-hectare agricultural land into a residential-commercial district. (TRIVIA: What some of the richest Filipinos have in common)

The area now houses the Alabang Town Center, Ayala Alabang Village, and the Madrigal Business Center District, an area considered to be a symbol of progress and prosperity south of the capital.

Ayala Land says it is the “largest and most diversified real estate conglomerate in the Philippines,” with projects in large-scale residential and industrial estates, malls, hotels and resorts. It had 53 estates as of end 2024. It develops and leases shopping centers through Ayala Malls and offices through Ayala Land Offices. – Rappler.com