Altus Group Income Fund

Altus Group Income Fund

October 02, 2007 16:09 ET

Altus Group Finalizes the Acquisition of UK-Based Edwin Hill

TORONTO, ONTARIO--(Marketwire - Oct. 2, 2007) - Altus Group Income Fund ("Altus Group") (TSX:AIF.UN) announced today that it has completed the acquisition of Edwin Hill, for total consideration of approximately $54 million. Altus Group financed this acquisition with cash and equity issued from treasury, with the cash being raised from cash on hand and bank financing.

The acquisition of Edwin Hill marks the first international acquisition by Altus Group, which has grown rapidly across Canada since going public in 2005. It establishes an important foothold for Altus in the UK, and lays the foundation of its global platform.

"With this acquisition, Altus Group has strategically expanded its reach across the Atlantic while fortifying its unique offering to the real estate professional advisory market", said Gary Yeoman, Chief Executive Officer of Altus Group. "Edwin Hill complements our best-in-class organization with a remarkably talented, specialized team of professionals who have enjoyed a long history of consistent growth and profitability."

For over 50 years, Edwin Hill has been a top-performing national property consulting partnership in the UK. Its ability to foster and maintain strong, positive working relationships with a broad client base has added to the stability of Edwin Hill's business and earned them a respected reputation in their field. The company's 6 offices, based in some of the fastest-growing regions in England, will be added to Altus' current complement of 27 offices across Canada. Altus UK LLP, the Altus Group entity that acquired Edwin Hill, will operate as Altus Edwin Hill.

"As an extremely well-regarded and innovative company, Altus Group will provide us with an exciting opportunity to extend our service lines and geographical coverage within the UK, while retaining our personal approach to client care," said Michael Milner, Managing Partner of Edwin Hill. "This is a highly positive move for the partnership, which will enable us to accelerate the growth and development of our business."

About Altus Group

Altus Group is the leading multidisciplinary provider of independent real estate consulting and professional advisory services worldwide. With a staff of over 950, Altus Group has a national network of 27 offices in 22 cities throughout Canada and 6 offices throughout the UK. We operate as: Altus Group Research, Valuation and Advisory; Altus InSite; Altus Helyar Cost Consulting; Altus Derbyshire Realty Tax Consulting, Altus Geomatics; Altus Clayton; and Altus Edwin Hill. 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.

Certain statements in this news 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 Altus Group and its subsidiary entities, including Altus Group Limited Partnership and Altus Group Limited, or the industry, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. When used, such statements use words such as "may", "will", "expect", "believe", "plan" and other similar terminology. These statements are not guarantees of future performance and are subject to numerous risks and uncertainties, including those described in Altus Group's publicly filed documents (which are available on SEDAR at

Those risks and uncertainties include: the ability to maintain profitability and manage growth; reliance on and retention of professionals; competition; performance obligations and client satisfaction; fixed price and contingency engagements; collectibility of accounts receivable; general state of the economy; possible acquisitions; possible future litigation; interest rate fluctuations; insurance limits; legislative and regulatory changes; revenue and cash flow volatility; operating risks; residential market risk; protection of intellectual property; appraisal mandates; restrictions on growth. 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 news release. Although the forward-looking statements contained in this news release are based upon what management believes to be reasonable assumptions, Altus 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 news release, and, except in accordance with applicable law, Altus Group assumes no obligations to update or revise them 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.

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