The Philippines’ premiere property developer Rockwell Land Corp (Rockwell Land) is planning to acquire a controlling interest in an upscale residential complex, Tribeca Project, south of Metro Manila.
Rockwell Land disclosed this to the stock exchange on Tuesday.
According to the this disclosure document, Rockwell’s subsidiary Rockwell Primaries Development Corp (Rockwell Primaries) has signed a memorandum of agreement with ATR Holdings Inc and Dragon Eagle International Limited for the joint and collective investment in, and acquisition of all the outstanding common shares of Maybank ATR Kim Eng Capital Partners Inc (MATRKE Capital) in ATR Kim Eng Land Inc (ATRKE Land).
The transaction will give Rockwell Primaries 60 per cent of the outstanding shares of ARTKE Land, while Dragon Eagle, and ATRH will both acquire 20 per cent, each.
Rockwell Land said Rockwell Primaries serves as a vehicle for its second brand and the acquisition will expand the company’s land bank for the coming years.
Among Tribeca’s residential resort amenities is a 1800-square meter aqua park, three-hectare central park with open and active spaces, clubhouse and the 7-aside football field.
Formed in 1995, Rockwell Land is an upscale property developer that established the Rockwell Center, a high-end residential and commercial district in Makati City.