By Richmond S. Mercurio (The Philippine Star) | Updated December 26, 2014 - 12:00am
MANILA, Philippines - A group led by a unit of Rockwell Land Corp. has acquired all of Maybank ATR Kim Eng Capital Partners Inc.’s shareholdings in ATR Kim Eng (ATRKE) Land Inc., developer of a 9.7-hectare mixed used residential and commercial complex in Muntinlupa.
Rockwell, through wholly owned subsidiary Rockwell Primaries Development Corp., said it has entered into a memorandum of agreement with ATR Holdings Inc. and Dragon Eagle International Ltd. to jointly invest in and acquire all the outstanding common shares of Maybank ATR in ATRKE Land.
Rockwell is acquiring majority control or 60-percent interest in ATRKE Land for P561.58 million.
The property developer is buying 1.86 million shares at P301.93 apiece.
ATR Holdings and Dragon Eagle, meanwhile, will have 20- percent stake each.
Rockwell said the acquisition is seen to expand its landbank for the coming years through unit
Rockwell Primaries is a wholly-owned subsidiary of the Lopez family’s property arm which will serve as the company’s vehicle for its upcoming brands.
Rockwell was created in 1995 after the shutdown of the thermal power plant of the Lopez Group. The former power plant complex is now a self-contained, mixed-use community with residential towers, office buildings, a shopping mall, and a graduate school.
“The transaction will give Rockwell Primaries Development Corp. a majority stake in the remaining undeveloped portion of the Tribeca Project, a 9.7-hectare mixed-use condominium complex in Muntinlupa,” the listed property firm said.
ATRKE Land together with Landco Pacific Corp. are the developers of the 9.7-hectare Tribeca Project.