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.
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