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Robinsons Land clarifies report regarding possible REIT investment

Robinsons Land Corp. clarified in a filing that its Altus Property Ventures Inc. subsidiary will function as the company's vehicle for future real estate ventures, which may include the establishment of a real estate investment trust.

The Filipino developer made the clarification following the publication of a media report on The Philippine Daily Inquirer, which presumed that Robinsons Land would use the unit formerly named Altus San Nicolas Corp. for a potential investment in the country's REIT market.

Altus Property is currently planning to list 100 million common shares on the Philippine stock exchange with an initial listing price of 10.10 pesos apiece, giving the company an estimated valuation of at least 1.1 billion pesos.

Robinsons Land is the third property company in the Philippines to consider entering the REIT market recently, following Ayala Land Inc. and DoubleDragon Properties Corp.

As of Sept. 23, US$1 was equivalent to 52.15 Philippine pesos.