Altus Group Income Fund
TSX : AIF.UN

Altus Group Income Fund

April 28, 2008 08:35 ET

Altus Group Announces Intent to Acquire Certain Assets of Integra Realty Resources

TORONTO, ONTARIO--(Marketwire - April 28, 2008) - 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 Integra Realty Resources ("Integra"), for purposes of combining Integra with Altus. Integra, the largest independent property valuation and counseling firm in the United States, has over 800 employees in 55 offices coast to coast. Consideration is expected to consist of cash and equity, with the cash being raised from cash on hand and 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 receipt of regulatory approvals. There can be no assurances the transaction will be completed.

Highlights

As a result of its industry-leading expertise in valuation, and its commitment to quality uncompromised by a conflict of interest, Integra currently provides professional real estate services to many of the United States' largest and most prestigious institutions, corporations and government agencies concerned with the value, use, and feasibility of real estate. With an average of over 30 years' experience in its key markets, Integra has an extensive knowledge base that has allowed it to develop value add strategies, consistent with its clients' objectives.

"This would represent Altus Group's most significant acquisition to date and our first foray into the U.S. market. We are excited about the leverage of our combined experience and expertise," said Gary Yeoman, Chief Executive Officer of Altus Group. "Looking to the future, Altus continues to target opportunities that offer a solid platform for strategic expansion to meet the needs of our increasingly international client base while adhering to a strict set of acquisition criteria that signify our continued commitment to disciplined, profitable growth."

In a market increasingly dominated by institutional ownership, current market conditions make the professional analysis and advice that Altus offers more necessary and more valuable. Particularly in the United States where credit is currently more restricted, there is increasing demand for independent advisory services as lenders are now requiring more comprehensive and detailed reporting before awarding loans. In addition, recent corporate scrutiny in the United States means there is a growing preference to use firms like Altus where there is a commitment to delivering independent and unbiased analysis.

Analyst Call Details

Altus Group Income Fund will hold an analyst conference call this morning at 10:30 a.m. Eastern Daylight Time, to discuss this announcement. Please dial 1-866-902-2211 (toll-free) or 416-695-9748 (GTA) to access the call. You will be required to identify yourself and your organization. A recording of this call will be made available beginning at 12:30 PM EDT. To access the recording, please call 1-800-408-3053 or 416-695-5800 (passcode: 3260051). The recording will also be available at altusgroupincomefund.com.

About Altus

Altus Group Income Fund is the leading multidisciplinary provider of independent real estate consulting and professional advisory services worldwide. With a staff of over 1,100, Altus has 31 offices in 23 cities throughout Canada and 6 offices throughout the UK. Altus operates as: Altus Research, Valuation and Advisory; Altus Cost Consulting; Altus Realty Tax Consulting; Altus InSite; Altus Geomatics; and Altus Edwin Hill Altus UK LLP. Altus' clients include banks, financial institutions, governments, pension funds, asset and fund managers, developers and landlords, as well as 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 Geomatics Limited Partnership 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, Form 51-102F2, dated March 31, 2008 (available on SEDAR at www.sedar.com).

Those risks and uncertainties include: general state of the economy; reliance on and retention of professionals; ability to maintain profitability and manage growth; competition in the industry; performance of obligations / maintenance of client satisfaction; fixed price and contingency engagements; revenue and cash flow volatility; protection of intellectual property; dependence on multi-residential market; dependence on oil & gas sector; possible acquisitions; interest rate risk; currency risk; credit risk; seasonality and weather; appraisal mandates; economic dependence; 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. 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.

Additional Information

Certain information pertaining to Integra included herein has been provided by Integra or is based on publicly available documents. Although Altus does not have any knowledge that would indicate that any such information is untrue or incomplete, Altus assumes no responsibility for the accuracy or completeness of such information, nor for the failure by such other persons to disclose events which may have occurred or which may affect the completeness or accuracy of such information but which is unknown to Altus.

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