Rockwell Land Corp. will tap a P3 billion loan facility from Metropolitan Bank and Trust Co. to support its aggressive expansion.
In a stock exchange filing, Rockwell Land said the loan would have a term of up to seven years.
From January to June, Rockwell spent a total of P3 billion for project and capital expenditures, bulk of which went to the development of The Arton, Proscenium, Rockwell South and Balmori Suites.
The property arm of the Lopez family is launching new projects in major locations of the country, particularly in the Visayas and Pampanga to further expand its footprint.
Rockwell has partnered with International Pharmaceuticals Inc. to develop the 2.8 hectare Rockwell IPI in Cebu which will have residential towers, office buildings and a retail component. It also launched Rockwell Center Bacolod, a 30-hectare development which is seen to be the next preferred mixed-use business district in western Visayas.
The company has also teamed up with the Nepomuceno family to develop a mixed-use complex in Angles City, which include the fist Power Plant mall outside of Makati.