COSCO Capital Inc., the listed conglomerate of tycoon Lucio Co, acquired RFC mall along Alabang Zapote in Las Piñas City as part of its expansion plan to build three more community malls in the next one to two years.
RFC has a total lot area of about 7,600 square meters (sqm) and a gross floor area (GFA) of about 23,000 sqms.
The new mall will add to the company’s existing 35 properties with a total GFA of 343,000 sqms, Cosco said in a statement.
The statement did not disclose the amount of the transaction.
Since last year, the company has been aggressive in its foray into the community malls segment with its brand Cosco Community Mall competing against the CityMall chain of DoubleDragon Properties Corp. and the upcoming Robinsons Townville of Robinsons Retail Holdings Inc.
Cosco said last year that it was building six community malls located in Cabanatuan, Nueva Ecija; Baler, Aurora; Binan, Laguna; and Santiago City, Isabela at a cost of about P2.4 billion.
Besides Cosco community mall, Cosco is also “interested” in acquiring businesses in the hardware, pharmacy and home improvement segments aside from their newly-bought businesses — school and office supplies retailer Office Warehouse Inc. and liquefied petroleum gas (LPG) distributor Liquigaz Philippines Inc.