Altus Group Income Fund

Altus Group Income Fund

November 11, 2008 11:53 ET

Altus Group Announces Intent to Acquire Certain Assets of Australia-Based Page Kirkland Group

TORONTO, ONTARIO--(Marketwire - Nov. 11, 2008) - Altus Group Income Fund ("Altus") (TSX:AIF.UN) announced today that it has entered into a non-binding letter of intent to acquire certain business assets of Page Kirkland Group ("Page Kirkland"), whose corporate base is in Sydney, Australia. This acquisition would extend the Altus Group footprint into more than 10 countries worldwide, due to Page Kirkland's presence throughout Asia. Consideration for the assets acquired is expected to consist of equity and cash (provided through bank financing).

The transaction is subject to the satisfactory completion of due diligence, the execution of definitive documents (with terms and conditions consistent with previous acquisitions and market practices) and receipt of all necessary regulatory approvals. There can be no assurances that the transaction will be completed.

Acquisition Highlights

Founded in Sydney in 1980, Page Kirkland is a multi-disciplined property consultancy with approximately 400 employees, including a broad representation in Asia Pacific and the United Arab Emirates. Specific services offered include cost management/quantity surveying, project management services, asset and facilities management and development management.

Page Kirkland offers a diverse range of consulting services covering the full spectrum of the international property and construction industry - from project inception to completion, maintenance and life-cycle costing, and ultimately, disposition. With a proactive, innovative culture, Page Kirkland responds to client needs by tailoring its approach to meet the specific requirements of each project. They have a proven track record of success and excellence, based on quality service, accurate, timely advice and specialized knowledge.

"This acquisition marks a significant leap forward in Altus' efforts to position itself as the unquestioned global leader in the provision of independent real estate market intelligence and insight," said Gary Yeoman, Chief Executive Officer of Altus Group. "Page Kirkland is a proven market leader with a suite of services and a client-focused culture that perfectly complements our own. Even more importantly, it advances our business strategy of leveraging on-the-ground expertise to create global reach and perspective."

About Altus

Altus Group is the leading multidisciplinary provider of independent real estate consulting and professional advisory services worldwide. With a staff of over 1,300, Altus Group has a national network of 34 offices in 24 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 Geocom; Altus Edwin Hill; Altus Andrews; and Altus Capital Planning Solutions. 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 LP, Altus Limited, Altus Geomatics and Altus UK LLP, 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, 2008 (which are available on SEDAR at and in this document under "Key Factors Affecting the Business". Those risks and uncertainties include: general state of the economy; ability to maintain profitability and manage growth; competition in the industry; reliance on and retention of professionals; revenue and cash flow volatility; dependence on oil & gas sector; dependence on multi-residential market; protection of intellectual property; seasonality and weather; integration of acquisitions; fixed price and contingency engagements; credit risk; performance of obligations/maintenance of client satisfaction; interest rate risk; currency risk; appraisal mandates; customer concentration; restrictions on potential growth; operating risks; risks 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.

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