Villar Group completes acquisition of MCX

MANILA, Philippines — The Villar Group has completed its acquisition of the four-kilometer Muntinlupa Cavite Expressway (MCX) from Ayala Corp., more than a year since signing the initial agreement.

Villar-led Prime Asset Ventures Inc. (PAVI) signed the implementing agreements yesterday  following the approval of the Department of Public Work and Highways (DPWH). PAVI acquired MCX for P3.8 billion.

DPWH gave its consent for the transfer of ownership to the Villar Group from Ayala Corp. on July 19, 2023.

Vista Land chairman Manuel Villar Jr. and Ayala Corp. president and CEO Cezar Consing led the signing yesterday.

“This momentous event shows our resolve to provide our countrymen better services in the area of roads and toll ways.  You’ll be surprised by the many wonderful things to come in Villar City,” Villar said.

Consing said the sale of MCX represents another example of Ayala’s move to recycle capital to benefit from opportunities in its core and emerging businesses.

“Ayala developed MCX over a decade ago to connect Metro Manila to Imus, Dasmarinas and Bacoor in Cavite, which were experiencing rapid growth.  MCX succeeded in relieving traffic congestion and reducing the travel time between Metro Manila and Cavite,” he said.

The Villar Group continues to expand its investment portfolio from its core businesses on housing, retail, food, water, power, and utilities, to integrated resorts and entertainment.

Present during the signing were  Sen. Mark Villar, Las Piñas Rep. Camille Villar, PAVI president Maribeth Tolentino; Maryknoll Zamora, CFO, PAVI; and other top executives.

MCX is a new four-kilometer four-lane toll road, from the junction of Daang Reyna and Daang Hari in Las Piñas/Bacoor, Cavite to SLEX, through the Susana Heights Interchange in Muntinlupa, traversing the New Bilibid Prison (NBP) Reservation.

The link-road uses the Susana Heights Interchange as exit and entry from north and south of SLEX. The project included the construction of a new bridge/widening of the existing bridge crossing SLEX, as well as the expansion of the Susana Heights toll plaza. Its commercial operations commenced in July 2015.

For the Villar Group, the acquisition bodes well, especially with its real estate, retail and commercial developments dominating Las Piñas.

It also puts to rest disagreements in the past between the Ayala and the Villar groups, such as on the design of the expressway which was supposedly adjusted so as not to negatively affect the Villar-owned Vista City development, particularly the Evia Lifestyle Center, industry sources told The STAR.

Aside from Consing, the Ayala Group was represented by Fernando Zobel de Ayala, special advisor to the board, Ayala Corp.; Jose Rene Gregory Almendras, chairman and president, MCX Project Co.; Alberto de Larrazabal, president of AC Infra.

Ayala had earlier set a target to raise $1 billion from the sale of non-core assets.