Rockwell takes control of ATC

December 23, 2025 | 12:00am

MANILA, Philippines — Lopez-owned property developer Rockwell Land Corp. is strengthening its commercial footprint with the acquisition of a controlling stake in the 17.5-hectare Alabang Town Center (ATC).

Days after Ayala Land Inc. (ALI) announced its exit from ATC, Rockwell said that it has executed share purchase agreements with Francisco Bayot Jr. and other shareholders of Alabang Commercial Corp.  for the acquisition of a 74.8-percent stake in ACC for P21.6 billion.

ACC is a domestic corporation that owns and operates Alabang Town Center, a shopping mall located in Muntinlupa.

With the acquisition, Rockwell said it would have the opportunity to expand its footprint in a prime location with long-term redevelopment opportunities.

The assets will add 137,000 square meters of gross leasable area to Rockwell’s existing retail and office portfolio, representing a 58-percent growth.

“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.

“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 said.

ALI earlier disclosed that it signed a share purchase agreement with Bayot, a director of ACC, for the latter to acquire all of the company’s share in ACC.

The transaction involves a total of 408,504 shares, which were sold at P33,047.41 apiece, for a total of P13.5 billion.

The acquisition of a majority stake in ATC further builds on Rockwell Land’s previously announced retail expansion initiatives, which include Power Plant Nepo in Angeles City, Pampanga; the addition of new retail spaces within Rockwell at IPI Center in Cebu City, and Power Plant Mall Bacolod in Rockwell Center Bacolod.

ATC currently houses over 500 retail and office tenants.

Rockwell Land said that it offers significant development opportunities given the size of the property.

Rockwell Land is known for its flagship mixed-use development, Rockwell Center Makati, which is anchored by the Power Plant Mall, regarded as a premium retail and lifestyle destination in the country.

The company has enhanced its retail developments over the years by integrating experiential and lifestyle-oriented spaces into its masterplanning, supported by curated tenant mixes.

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