MANILA, Philippines – The Lopez family’s property firm Rockwell Land Corporation (Rockwell Land) bought a nearly 75% stake in Alabang Town Center from the Madrigal family for P21.6 billion. 

In a disclosure late Monday, December 22, Rockwell Land said it had acquired 75% of Alabang Commercial Corporation (ACC), the company that owns Alabang Town Center, from the Madrigals led by real estate developer Francisco Madrigal Bayot, a grandson of former senator and industrialist Vicente Madrigal.

“Earlier this year, Mr. Francisco ‘Jun’ M. Bayot invited us to consider redeveloping Alabang Town Center. It presented a compelling opportunity for Rockwell Land to further expand our presence in the south of Metro Manila, particularly given the scale and long-term potential of the property,” Rockwell Land chairman and CEO Nestor Padilla said in a press release on Monday. 

“We are very grateful to Mr. Bayot and the Madrigal family for this opportunity. Our immediate focus is on ensuring a smooth transition and planning its redevelopment,” he added. 

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Other shareholders of ACC who were part of the share purchase agreement are: 

• Balvic Corporation
• Gerardo Madrigal
• Vicente Madrigal Bayot
• Ma. Victoria B. Ortigas
• Susana B. Ortigas
• Vicente Gustav P. Warns
• Christopher Emmanuel P. Warns
• Maria Delos Angeles P. Warns

Rockwell Land will pay ACC P21.6 billion in three equal installments every December over the next three years. 

The purchase was announced six days after Ayala Land Incorporated disclosed that it had sold its 50% ownership of Alabang Commercial Center to the Madrigal family for P13.5 billion. 

The 17.5-hectare Alabang Town Center is a pioneer mall in Muntinlupa City that was developed by the Ayala Group under a joint venture with the Madrigal family. It currently has around 500 retail and office tenants. 

The purchase gives Rockwell Land the “opportunity to expand its footprint in a prime location with long-term redevelopment opportunities,” the company said. It adds 137,000 square meters of gross leasable area to Rockwell’s existing retail and office portfolio. 

Rockwell’s most famous project that symbolizes its target premium market is Rockwell Center Makati, home to some of the big names in Philippine business. Its Power Plant Mall is considered a premium retail and lifestyle destination, which is being replicated in other cities.

“Over the years, the company has enhanced its retail developments by integrating experiential and lifestyle-oriented spaces into its masterplanning, supported by curated tenant mixes. These efforts have enabled Rockwell Land to establish a strong track record in delivering a high-end retail experience,” Rockwell Land said. 

The company also said that the purchase builds on Rockwell’s other retail expansion projects such as the Power Plant Nepo in Angeles City Pampanga; new retail spaces within Rockwell at IPI Center in Cebu City; and the Power Plant Mall Bacolod in Rockwell Center Bacolod. 

Rockwell’s main business is residential development of high-rise condominiums that cater to high-end buyers. 

Federico “Piki” Lopez has been vice-chairman of Rockwell Land since 2012. He is chairman and CEO of Lopez firms First Philippine Holdings, First Gen Corporation, and Energy Development Corporation. 

Last February, debt-saddled Lopez media and entertainment firm ABS-CBN Corporation sold 30,000 square meters of its 44,027-sqm-property in Sgt. Esguerra, Quezon City, to Ayala Land for P6.2 billion, allowing it to pay its outstanding bank loans. – Rappler.com