ROCKWELL Primaries Development Corp. (RPDC), a unit of Rockwell Land Corp. (RLC), has entered into a deal to acquire 60 percent of the owner and developer of Tribeca Project, a mixed-use residential and commercial condominium complex in Muntinlupa under development.
In a disclosure to the Philippine Stock Exchange, Rockwell Land said Rockwell Primaries has signed a memorandum of agreement with ATR Holdings Inc. and Dragon Eagle to acquire all outstanding common shares of Maybank ATR Kim Eng Capital Partners Inc. (MATRKE Capital) and ATR Kim Eng Land Inc. (ATRKE Land).
The MOA was signed to expand RPDC’s residential projects portfolio.
MATRKE Capital and ATRKE Land earlier formed a joint venture to develop Tribeca Project but under a termination agreement, ATRKE Land became the sole owner and developer of the project.
After the acquisition of shares in ATRKE, Rockwell Primaries will own 60 percent of the company while Dragon Eagle and ATR Holdings will own 20 percent each.
In the first nine months of the year, Rockwell Land said its net income rose to P3.88 billion from P3.64 billion a year earlier while revenues went up to P13.06 billion from P12.41 billion.
Among Rockwell Land’s ongoing projects are: Phase Two and Three of The Grove, which are expected to be finished by December this year and December 2015, respectively; Edades Tower and Garden Villas, The Alvendia and 205 Santolan, which are set to be completed within the year; the 3.1-hectare 32 Sanson in Lahug, Cebu City which is seen to be completed by 2017; and the 3.6-hectare mixed-use development The Proscenium to be finished by 2020.