Altus Group Income Fund

Altus Group Income Fund

September 11, 2007 14:51 ET

Altus Group Announces Intent to Acquire Certain Assets of a Property Consulting Business Based in London, U.K.

TORONTO, ONTARIO--(Marketwire - Sept. 11, 2007) - Altus Group Income Fund ("Altus") (TSX:AIF.UN) announced today that it has entered into a non-binding letter of intent to acquire the business assets of London, U.K.-based Edwin Hill ("Edwin"), for approximately $54.8 million. Consideration for the acquisition is expected to consist of cash and equity issued from treasury, with the cash being raised from cash on hand and bank financing. The transaction is subject to the satisfactory completion of due diligence and the execution of definitive documents, and there can be no assurances the transaction will be completed.

Acquisition Highlights

With a solid reputation for over 50 years, Edwin Hill is a national property consulting partnership based in London, U.K. that has earned a respected reputation as a top performer in its field, servicing a broad client base that includes blue chip corporations, real estate companies and investment funds. The company employs 132 staff composed of 17 partners, 72 other professional and para-professionals and 43 administrative staff, and has six offices based in some of the fastest-growing regions throughout the U.K. With a focus on property owners and developers, Edwin Hill's vision is to provide professional advice on all aspects of commercial property.

"With this acquisition, Altus Group advances its accretive strategy with a significant move into the international marketplace, broadening our reach while building on a solid foundation of knowledge and expertise," said Gary Yeoman, Chief Executive Officer of Altus Group. "This move positions Altus Group to extend its unique services overseas, a step that will create vast new opportunities for the future."

About Altus

Altus Group Income Fund is the leading multidisciplinary provider of independent real estate consulting and advisory services in Canada. With a staff of over 800, Altus has a national network of offices in 22 cities and operates as: Altus Group Research, Valuation and Advisory; Altus InSite; Altus Helyar Cost Consulting; Altus Derbyshire Realty Tax Consulting, Altus Geomatics; and Altus Clayton. 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 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' 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 assumes no obligations to update or revise them to reflect new events or circumstances. Additionally, Altus undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of Altus, its financial or operating results, or its securities.

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