Altus Group Income Fund

Altus Group Income Fund

April 06, 2006 10:41 ET

Acquisition of InSite Real Estate Information Systems Enhances Altus Group Income Fund's Research Service Offerings

TORONTO, ONTARIO--(CCNMatthews - April 6, 2006) - Altus Group Income Fund ("the Fund") (TSX:AIF.UN) today announced that it has indirectly acquired certain assets, including all of the intellectual property of InSite Real Estate Information Systems Inc. ("InSite") for approximately $3 million, subject to adjustments. As part of the consideration paid for such assets, Altus Group Limited Partnership issued 36,743.32 Class B limited partnership units, each of which also represents a special voting unit of the Fund.

Since its inception ten years ago, InSite has collected and published commercial real estate information for the Canadian market. InSite has been able to successfully grow and expand its business by providing its clients with office-market data that is national, consistent, accurate, timely, credible, transparent and independent.

"The merging of the research efforts of Altus and InSite is of significant strategic importance to the Fund, and is expected to be accretive for both enterprise value and distributable cash," reports Gary Yeoman, CEO of Altus Group Limited. David Jenkins, President of Altus Helyar Research Valuation and Advisory, says, "The two companies have worked closely together for the last seven years, and this step will allow us to develop this relationship more fully in terms of breadth and depth of real estate coverage." Sandy McNair, who will become President of the new Altus InSite division, explains, "The closer relationship between Altus and InSite will enable us to provide benefits to our clients, by enhancing our current offerings, and introducing new service offerings."

Altus Group Income Fund is the leading independent multidisciplinary provider of real estate consulting and advisory services in Canada, with a staff of over 337 professionals. The Fund has a national network of offices in 13 cities and operates as Altus Helyar Research, Valuation and Advisory, Altus Helyar Cost Consulting, Altus Derbyshire Realty Tax. Altus' clients include banks, financial institutions, governments, pension funds, asset and fund managers, developers and landlords. The Fund's units trade on the Toronto Stock Exchange under the symbol AIF.un.

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 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 the Fund'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 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
    Gary Yeoman
    President and CEO
    (905) 953-9948
    Altus Group Income Fund
    Dale Lawr
    (905) 953-9948