Lopez-led Rockwell Land Corp.  has acquired a majority controlling interest in Ayala Land Inc.’s Alabang Town Center, a 17.5-hectare commercial complex in Muntinlupa City. 

The company confirmed on Monday the acquisition but did not disclose the amount of the transaction.

“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,” Padilla added.

Rockwell Land is known for its flagship mixed-use Rockwell Center Makati, anchored by Power Plant Mall. The company has built its retail portfolio around lifestyle-oriented developments with curated tenant mixes.

According to Rockwell Land, the plan will help expand retail expansion, which includes Power Plant Nepo in Angeles City, Pampanga; new retail spaces at Rockwell at IPI Center in Cebu City; and Power Plant Mall Bacolod in Rockwell Center Bacolod.

Alabang Town Center hosts more than 500 retail and office tenants and offers significant redevelopment potential given the scale of the property.