Ayala Land Inc. (ALI) has sold its 50 percent stake in Alabang Town Center to its existing joint venture partner, the Madrigal family, for P13.5 billion. The sale marks a turning point for the property giant as it seeks to utilize its capital for larger projects, Bilyonaryo reports.
The Madrigals rose to prominence in the mid-20th century when politician and industrialist Vicente Madrigal and his wife Susana bought land in Mandaluyong, Muntinlupa, and Laguna. In the 1970s, the family sold 661 hectares of land in Muntinlupa to Ayala Corporation, which would use it to develop properties such as Alabang Town Center, Madrigal Business Park, and Ayala Alabang Village. The family now engages in philanthropy through the Consuelo Madrigal Foundation, named after one of Vicente and Susana’s daughters.
In a disclosure released on Tuesday, December 16, ALI said that “proceeds from the sale will fuel further growth” in its leasing portfolio. According to Bilyonaryo, Alabang Town Center accounts for less than five percent of ALI’s footprint within the company’s nationwide leasing portfolio. The mall was opened in 1982 and has since consistently generated income for ALI, but has not undergone the same level of redevelopment as other Ayala malls, such as Glorietta, Greenbelt, and Ayala Center Cebu.
In a separate Bilyonaryo report, a source says the Madrigal family is in talks to bring in Rockwell Land as a redevelopment and operating partner for Alabang Town Center.
