Rockwell Land—controlled by energy and media tycoon Federico Lopez and his family—has agreed to buy 75% of a company that owns and runs a shopping mall south of Manila for 21.6 billion pesos ($368 million).

The controlling stake in Alabang Commercial Corp., which owns the 17.5 hectare Alabang Town Center, will be acquired from businessman Francisco Bayot and other shareholders, Rockwell said in a statement.

The acquisition will add 137,000 square meters of gross........

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