Ayala exits: Madrigal family acquires Zobel’s stake in Alabang Town Center

MANILA, Philippines — In a landmark real estate move, property giant Ayala Land Inc. (ALI) has officially exited its investment in Alabang Town Center (ATC), selling its 50% stake to its long-term joint-venture partner, the Madrigal family, for ₱13.5 billion.

The transaction, announced via a disclosure to the Philippine Stock Exchange, effectively consolidates full ownership of the iconic Muntinlupa lifestyle hub under the Madrigal family, ending a partnership that dates back to the 1960s.

Strategic Monetization for Future Growth

Ayala Land’s decision to divest is part of a “disciplined approach” to capital recycling. By offloading its stake in the mature asset at a premium valuation, the company aims to fuel its aggressive expansion pipeline.

• Reinvestment: ALI plans to use the ₱13.5 billion proceeds to fund the development of its “next-generation” leasing portfolio, which includes a target of nearly 700,000 square meters of new gross leasable area (GLA) over the next five years.

“We build, we stabilize, and we unlock value at the right time to fuel our next wave of innovation,” said ALI President and CEO Meean B. Dy. She noted that the sale allows the company to realize “peak valuation” for a legacy asset to accelerate new commercial and retail projects.

A New Era for Alabang Town Center

Industry analysts suggest that the Madrigal family’s acquisition may signal a future transformation for the 17.7-hectare property.

• Redevelopment Potential: Chinabank Capital Corp. Managing Director Juan Paolo Colet noted that given the significant purchase price, a major redevelopment might be on the table to “unlock more value” from the prime commercial site.
• Legacy Impact: ATC remains a core community anchor for the south, serving high-end residential enclaves like Ayala Alabang Village and the surrounding Madrigal Business Park.

The partnership between the Madrigals and the Ayalas was foundational to the development of the south, originally transforming a 661-hectare mango farm into one of Metro Manila’s most prestigious residential and business districts. While the equity partnership for the mall has ended, the legacy of their collaboration continues to define the Alabang landscape.