Altus Group, a Global Company, Finalizes Acquisition of PricewaterhouseCoopers’ US-Based Real Estate Appraisal Management Practice
TORONTO, ONTARIO–(Marketwire – Aug. 3, 2010) – Altus Group Income Fund (“Altus”) (TSX:AIF.UN) announced today that it has completed the acquisition of the real estate appraisal management practice of PricewaterhouseCoopers LLP (US). Altus financed this acquisition through a combination of cash, bank financing and equity.
As part of Altus’ global growth strategy, this acquisition enhances its ability to operate worldwide while broadening its local insight, providing clients with a comprehensive suite of value-added services.
A team of dedicated professionals provide expert valuation consulting and analytic services to a blue chip client roster using years of industry experience and a sophisticated proprietary technology platform. The acquired teams will operate from offices in New Jersey, Texas, California and Georgia, adding to Altus’ existing US presence, including New York, Hawaii and Florida.
“With this high profile acquisition, Altus continues to develop a US presence with a targeted and strategic approach that will extend the reach of our Research, Valuation and Advisory arm,” said David Jenkins, President, RVA, Altus Group. “These business assets are highly regarded and permit Altus to leverage additional service offerings while maintaining a commitment to local, independent advice and established expertise.”
About Altus Group Income Fund
Altus Group is the leading multidisciplinary provider of independent real estate consulting and professional advisory services worldwide. With a staff of over 1,600, Altus Group has a network of over 60 offices in 14 countries worldwide, including Canada, UK, Australia, Asia and the United States. We operate four interrelated Business Units, bringing years of expertise together into one comprehensive platform: Research, Valuation and Advisory; Cost Consulting and Project Management; Realty Tax Consulting and Geomatics services. Altus clients include banks, financial institutions, governments, pension funds, asset and fund managers, developers and landlords and companies engaged in the oil and gas industry.
For more information on Altus Group, please visit: www.altusgroup.com.
Certain statements in this press release may constitute “forward-looking” statements, which involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the Fund and its subsidiary entities, to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements. When used in this press release, such statements use words such as “may”, “will”, “expect”, “believe”, “plan”, “would”, “could” and other similar terminology. These statements are not guarantees of future performance and are subject to numerous risks and uncertainties, including those described in the Fund’s publicly filed documents, including the Annual Information Form, dated March 24, 2010 (which are available on SEDAR at www.sedar.com). Those risks and uncertainties include: general state of the economy; dependence on oil and gas sector; competition in the industry; reliance on and retention of professionals; interest rate risk; currency risk; credit risk; ability to maintain profitability and manage growth; revenue and cash flow volatility; dependence on Canadian multi-residential market; integration of acquisitions; protection of intellectual property; weather; fixed-price and contingency engagements; performance of obligations / maintenance of client satisfaction; appraisal mandates; customer concentration; restrictions on potential growth; operating risks; risk of future legal proceedings; legislative and regulatory changes and insurance limits. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results. These statements reflect management’s current expectations regarding future events and operating performance and speak only as of the date of this press release. Although the forward-looking statements contained in this press release are based upon what management believes to be reasonable assumptions, the Fund cannot assure investors that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this press release and, except in accordance with applicable law, the Fund assumes no obligations to update or revise them to reflect new events or circumstances. Additionally, the Fund undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of the Fund, its financial or operating results, or its securities.
Camilla BartosiewiczBartosiewiczVice President, Investor Relations