TORONTO, Nov. 08, 2023 (GLOBE NEWSWIRE) -- Altus Group Limited (ʺAltus” or “the Company”) (TSX: AIF), a leading provider of asset and fund intelligence for commercial real estate (“CRE”), announced today that it signed a definitive agreement to acquire the business of Forbury Property Valuation Solutions Limited (“Forbury”), a CRE valuation software provider in the Asia Pacific (“APAC”) region.

Forbury’s cloud-based solutions provide valuation tools tailored for the APAC market to help users make informed decisions on when best to refinance, refurbish, reposition or divest their CRE assets. Trusted by the market for over a decade across various asset classes, its flagship Forbury Commercial product is widely adopted for commercial property valuation in the APAC region.

“The addition of Forbury’s widely adopted valuation solution bolsters Altus’ global valuation offer in our growing APAC region,” said Gordon Richardson, President of Altus’ APAC Analytics division. “With this acquisition, we are solidifying our strategic commitment to Australia and the broader APAC region, while also addressing a variety of customer requirements through market-specific valuation capabilities. We’re looking forward to joining forces with Forbury’s 34 employees to enhance the value we bring to clients.”

“This is an exciting milestone for Forbury and our team,” added Steve Surridge who founded the company twenty years ago. “With a global valuation platform, Altus is ideally suited and well-resourced to help accelerate Forbury’s growth and build on our success. Forbury’s valuation tools will be a strong complement to Altus’ existing APAC-focused offers for CRE investors, developers, lenders, proprietors, and advisors.”

The transaction is expected to close on or about December 1, 2023.

About Altus Group

Altus Group is a leading provider of asset and fund intelligence for commercial real estate. We deliver intelligence as a service to our global client base through a connected platform of industry-leading technology, advanced analytics, and advisory services. Trusted by the largest CRE leaders, our capabilities help commercial real estate investors, developers, proprietors, lenders, and advisors manage risks and improve performance returns throughout the asset and fund lifecycle. Altus Group is a global company headquartered in Toronto with approximately 3,000 employees across North America, EMEA and Asia Pacific. For more information about Altus Group (TSX: AIF) please visit altusgroup.com.

Forward Looking Information

Certain information in this press release may constitute “forward-looking information” within the meaning of applicable securities legislation. All information contained in this press release, other than statements of current and historical fact, is forward-looking information, including statements relating to expected benefits of the acquisition and the closing of the acquisition (including the expected timing of closing), as well as statements relating to the Company’s business and strategies. Generally, forward-looking information can be identified by use of words such as “may”, “will”, “expect”, “believe”, “plan”, “would”, “could”, “remain” and other similar terminology. Forward-looking information is not, and cannot be, a guarantee of future results or events. Forward-looking information is based on, among other things, opinions, assumptions, estimates and analyses that, while considered reasonable by us at the date the forward-looking information is provided, inherently are subject to significant risks, uncertainties, contingencies and other factors that may cause actual results, performance or achievements, industry results or events to be materially different from those expressed or implied by the forward-looking information. Those risks, uncertainties and other factors that could cause actual results to differ materially from the forward-looking information include those described in our publicly filed documents, including the Annual Information Form for the year ended December 31, 2022 and the Company’s other periodic filings with the securities commissions or similar regulatory authorities in Canada (which are available on SEDAR+ at www.sedarplus.com). We believe that the expectations reflected in forward-looking information are based upon reasonable assumptions; however, we can give no assurance that actual results will be consistent with the forward-looking information. Not all factors which affect the forward-looking information are known, and actual results may vary from the projected results in a material respect, and may be above or below the forward-looking information presented in a material respect.

Given these risks, uncertainties and other factors, investors should not place undue reliance on forward-looking information as a prediction of actual results. The forward-looking information contained herein is current as of the date of this press release and, except as required under applicable law, we do not undertake to update or revise it to reflect new events or circumstances.

FOR FURTHER INFORMATION PLEASE CONTACT:

Camilla Bartosiewicz
Chief Communications Officer, Altus Group
(416) 641-9773
camilla.bartosiewicz@altusgroup.com  

Elizabeth Lambe
Director, Global Communications, Altus Group
(416) 641-9787
elizabeth.lambe@altusgroup.com