Commission Decision No. 19-M-016/2020:
Proposed Joint Venture over Nepwell Property Management, Inc.
of Rockwell Land Corporation, NepWell Property Management Inc., TGN Realty Corporation,
Hilda Aurora N. Valdes, Patrick Adrian N. Valdes, and Theresa Gracia N. Valdes
The transaction involves the joint venture between Rockwell Land Corporation (Rockwell), T.G.N. Realty Corporation (TGN), NepWell Property Management Inc. (NepWell – JV Co.), Hilda Aurora N. Valdes, Patrick Adrian N. Valdes, and Theresa Gracia N. Valdes to engage in the development of a mixed-use development in Angeles City, Pampanga, with residential, commercial, and retail components through the JV Co.
Rockwell and TGN shall mainly infuse the capital for the undertaking, while TGN and the Valdes siblings will contribute the land for the project. Rockwell, TGN Realty, and the Valdes siblings shall invest in the project through the purchase and subscription of shares in the JV Co.
Rockwell is in the business of real estate, office and retail space development under the Lopez Group of Companies, while TGN is owned by the Nepomuceno Business Group with headquarters in Pampanga. NepWell was incorporated in 2019 and is the vehicle firm for the transaction under parent firm J Ten Equities, Inc., while the Valdes siblings are among the minority shareholders in the same parent company.