Rockwell Land plans to go public in 1st quarter 2008

By Elizabeth Sanchez-Lacson Inquirer MANILA, Philippines--Rockwell Land Corp., the real-estate arm of the Lopez Group, is eyeing an initial public offering in the first quarter of 2008. The move is expected to accelerate Benpres Holdings Corp.'s proposed asset divestment plan and the retirement of $400 million worth of debts. Benpres is the listed flagship firm of the Lopez family with interests in power distribution and generation, broadcasting and cable operations, infrastructure, telecommunications, health care delivery and real-estate development. Benpres president Angel Ong said the group was tapping CLSA, a brokerage house covering the Asia Pacific markets, as the underwriter for the planned IPO. Benpres owns 24.5-percent stake of Rockwell Land and Ong said the holding firm might sell the entire stake. The total book value of Rockwell Land was placed at P4.5 billion. The size of the offer has yet to be set. Rockwell Land is the developer of Rockwell Center in Makati, a prime 15-hectare, self-contained community. This was the site of a former power plant named after James Chapman Rockwell, the first president of Manila Electric Co. (Meralco). The Rockwell Center is composed of several high-rise residential condominium projects, a sports and leisure club, and a lifestyle shopping center (PowerPlant mall). It also houses the corporate headquarters of Nestle and Phinma Corp., and the Ateneo Graduate School. Rockwell Land was established in 1995 by three Lopez firms: Meralco, owning 51 percent, and First Philippine Holdings Corp. and Benpres with 24.5 percent each. Another Rockwell Land project is "One Rockwell," the only high-rise residential condominium with z-shaped units. One Rockwell was launched in 2005 and was 55 percent sold last year.