Altus Group Income Fund
TSX : AIF.UN

Altus Group Income Fund

July 31, 2009 09:00 ET

Altus Group Successfully Completes the Acquisition of Australia-Based Page Kirkland Group

TORONTO, ONTARIO--(Marketwire - July 31, 2009) - Altus Group Income Fund ("Altus Group") (TSX:AIF.UN) announced today that it has completed the acquisition of Page Kirkland Group. Altus Group financed this acquisition with a combination of cash on hand, bank financing and equity issued from treasury.

The acquisition of Page Kirkland greatly extends the international reach of Altus Group, which has grown rapidly across Canada and into the UK since first going public in 2005. Altus will now enjoy a presence in 11 countries worldwide, including the United States, and, in particular, gains a substantial profile in the Asia-Pacific region.

"Altus Group is very excited to confirm the successful completion of our acquisition of Page Kirkland. Its addition expands an Asia-based services platform providing Altus Group exposure into a region that promises to lead the world as economic recovery takes hold over the next year," said Gary Yeoman, CEO of Altus Group. "Equally important, its market leading suite of services and client-centered culture mesh perfectly with our own as we continue to build on our reputation as the leader in the provision of independent real estate market intelligence by combining our local knowledge with global insight."

Established in Sydney in 1980, Page Kirkland is a multi-disciplined property consultancy with approximately 400 employees, with a broad representation in Asia Pacific. Specific services offered include cost consulting, project management, asset and facilities management and development management. With a proactive, innovative culture, Page Kirkland responds to client needs by tailoring its approach to meet the specific requirements of each project. They enjoy a consistent track record of success and excellence, based on quality service, accurate, timely advice and specialized knowledge.

"Altus Group provides Page Kirkland and its team with the opportunity to reach new heights and expand a culture of professional excellence even wider," said Colin Richardson, former CEO of Page Kirkland and current Regional Managing Director, Asia Pacific, Altus Group. "The fit with Altus could not be more seamless or complementary and already our teams are working together to generate new opportunities while even better serving the needs of longstanding clients."

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 1,200, Altus Group has a national network of 35 offices in 31 cities throughout Canada, 8 offices throughout the UK and 1 office in the U.S. We operate as: Altus Research, Valuation and Advisory; Altus Cost Consulting; Altus Realty Tax Consulting, Altus Geomatics; Altus InSite; Altus Edwin Hill; Altus Andrews; Altus Geocom; and, Altus Capital Planning. 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.

Forward Looking Statements

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, including Altus Group Limited Partnership, Altus Group Limited, Altus Group Advisory Services Limited, Altus Geomatics Limited Partnership, Physical Planning Technologies Ltd. and Altus UK Limited Liability Partnership or the industry, 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" 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 31, 2009 (which are available on SEDAR at www.sedar.com). Those risks and uncertainties include: general state of the economy; ability to maintain profitability and manage growth; dependence on oil and gas sector; competition in the industry; revenue and cash flow volatility; credit risk; reliance on and retention of professionals; dependence on multi-residential market; integration of acquisitions; protection of intellectual property; weather; fixed-price and contingency engagements; performance of obligations / maintenance of client satisfaction; interest rate risk; currency risk; appraisal mandates; customer concentration; restrictions on potential growth; operating risks; risk of future legal proceedings; insurance limits; and legislative and regulatory changes. 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.

Contact Information

  • Altus Group Income Fund
    Sayla Nordin
    VP, Communications and Investor Relations
    (416) 557-0939
    www.altusgroup.com