Altus Group Strengthens UK Commercial Real Estate Property Tax Services Through Acquisition of RatesRecovery
TORONTO (August 2, 2016) – Altus Group Limited (ʺAltus Groupʺ or “the Company”) (TSX: AIF) a leading provider of independent advisory services, software, and data solutions to the global commercial real estate industry, announced today that it has acquired R2G Limited (“RatesRecovery”), a specialist chartered surveyors firm focused on business rates services. The acquisition of RatesRecovery strategically enhances the Company’s business rates offerings in the UK immediately ahead of the 2017 Business Rates Revaluation.
“We are pleased to welcome the RatesRecovery team to Altus Group,” said Alex Probyn, President of Altus Group UK. “RatesRecovery’s solid track record and reputation within the industry strengthens our full-service business rates practice. The acquisition of RatesRecovery adds scale and enhances our position as one of the largest property tax advisors in the UK.”
RatesRecovery, founded in 2002, specializes in business rates advisory for all types of commercial property including office, retail and industrial bulk classes. RatesRecovery provides a comprehensive suite of business rates consultancy services including business rate appeals, empty property rates strategies, rate payment services and business rates audits. RatesRecovery’s team of experienced professionals, including co-founders Martin O’Neill and Nick Wright, will join Altus Group’s global Property Tax business unit.
About Altus Group Limited
Altus Group Limited is a leading provider of independent advisory services, software, and data solutions to the global commercial real estate industry. Our businesses, Altus Analytics and Expert Services, reflect decades of experience, a range of expertise, and technology-enabled capabilities. Our solutions empower clients to analyze, gain market insight and recognize value on their real estate investments. Headquartered in Canada, we have approximately 2,300 employees around the world, with operations in North America, Europe and Asia Pacific. Our clients include some of the world’s largest real estate industry participants across a variety of sectors. Altus Group pays a quarterly dividend of $0.15 per share and our securities are traded on the TSX under the symbols AIF and AIF.DB.A.
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. Forward-looking information includes, but is not limited to, the acquisition of RatesRecovery and the operational and financial prospects related thereto; Altus Group’s business and operating initiatives; and its expectations of future performance for its various business units. Generally, forward-looking information can be identified by use of words such as “may”, “will”, “expect”, “believe”, “plan”, “would”, “could” and other similar terminology. All of the forward-looking information in this press release is qualified by this cautionary statement.
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 Altus Group 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. The material factors or assumptions that were identified and were applied by Altus Group in drawing conclusions or making forecasts or projections set out in the forward-looking information include, but are not limited to: the successful execution of Altus Group’s business strategies (including the success of its initiatives related to RatesRecovery); consistent and stable economic conditions or conditions in the financial markets; consistent and stable legislation in the various countries in which Altus Group operates; no disruptive changes in the technology environment; the opportunity to acquire accretive businesses; the successful integration of Altus Group’s businesses; and the continued availability of qualified professionals. Please consult Altus Group’s most recent regulatory filings on SEDAR for more information on the Company’s forward-looking statements.
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 reflects management’s current expectations and beliefs regarding future events and operating performance and is based on information currently available to management. Although Altus Group has attempted to identify important factors that could cause actual results to differ materially from the forward-looking information contained herein, there are other factors that could cause results not to be as anticipated, estimated or intended. The forward-looking information contained herein is current as of the date of this press release and, except as required under applicable law, Altus Group does not undertake to update or revise it to reflect new events or circumstances. Additionally, Altus Group undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of Altus Group, its financial or operating results, or its securities.
Jeff HaywardHaywardVice President, Global Marketing & Communications