Altus Group Limited
TSX : AIF

Altus Group Limited

June 02, 2015 06:00 ET

Altus Group Strengthens UK Commercial Real Estate Services Through Acquisition of Maxwell Brown

TORONTO, ONTARIO--(Marketwired - June 2, 2015) - Altus Group Limited ("Altus Group" or "the Company") (TSX:AIF), a leading provider of commercial real estate services, software and data solutions, announced today that it has acquired Maxwell Brown Surveyors Ltd. ("Maxwell Brown"), an independent UK-based commercial real estate advisory services firm.

Highlights:

  • Expands market share and adds regional scale in the UK market
  • Strengthens property tax offerings with complementary service lines in the UK in support of current growth initiatives
  • Enhances expertise with 8 additional professionals, including Chartered Surveyors

"Maxwell Brown's 32-year track record serving the UK market, combined with the expertise of its professionals, strengthens our capability to serve the UK market, where we see opportunities for further growth," said Robert Courteau, Chief Executive Officer of Altus Group. "London is one of the most important and strategic real estate markets globally and extending our depth of expertise to a wider area of London is consistent with our strategy."

Founded in 1983, Maxwell Brown is an independent provider of commercial real estate advisory services throughout the UK, with significant presence in the southern M25/M23 and South London markets. Maxwell Brown offers a comprehensive suite of advisory services related to property tax (occupied rates and empty rates services), property acquisition and disposal, lease renewals and other corporate real estate requirements. Their clients include institutional corporate property owners, property companies, developers and corporate occupiers. Maxwell Brown's team of 8 professionals will join Altus Group's global Property Tax business unit and will be integrated with Altus Edwin Hill in the UK.

"We are very excited to welcome Maxwell Brown's professionals to our team, whose expertise and reputation is highly regarded in our industry," said Alex Probyn, President of Altus Edwin Hill. "We see attractive growth opportunities in the UK market and believe that the synergies brought by this acquisition will help us meet a broader range of client needs and add significant value to our combined clients."

Maxwell Brown's co-owners Nick Woodman and Jonathan Broome, who will continue to have leading roles in the business, said: "Joining Altus Group has a number of strategic benefits for our clients, who increasingly require fully integrated real estate solutions. Altus Group's global scale, complementary advisory services and innovative software and data solutions will enhance our ability to serve our clients. We also look forward to working closely with Altus Group's UK regional offices to provide a comprehensive service throughout the London and South East property market."

The acquisition is expected to be financially accretive to adjusted earnings per share ("EPS"). Additional financial disclosure will be made available in the Company's next quarterly report.

About Altus Group Limited

Altus Group Limited is a leading provider of independent advisory services, software, and data solutions to the global commercial real estate industry. All of our five core practices - Research, Valuation and Advisory, ARGUS Software, Property Tax Consulting, Cost Consulting and Project Management, and Geomatics - embody and reflect decades of experience, a broad range of expertise, and leading edge technology. Our offerings empower clients to analyze, gain insight and recognize value on their real estate investments. Headquartered in Canada, we have approximately 2,300 employees around the world, with operations in North America, Europe and Asia Pacific. Our clients include some of the world's largest real estate industry participants, spread across a broad variety of sectors.

We are focused on creating sustainable shareholder value that generates long-term returns by targeting organic and accretive growth while providing quarterly dividend payments of $0.15 per share. Our securities are traded on the TSX under the symbols AIF and AIF.DB.A.

For more information on Altus Group, please visit: www.altusgroup.com.

About Altus Edwin Hill

Established for 60 years, Altus Edwin Hill is a leading UK provider of real estate consulting and professional advisory services regionally, nationally and globally as an Altus Group company. Altus Edwin Hill represents over 15,500 clients, ranging from SMEs through to many of the world's leading corporations with property interests in the UK, as well as acting for a large number of well-known developers and funds.

For more information on Altus Edwin Hill, please visit: www.altus-edwinhill.com.

Forward-Looking Information

Certain information in this press release may constitute "forward-looking information" within the meaning of applicable securities legislation. All information contained in this press release, other than statements of current and historical fact, is forward-looking information. Forward-looking information includes information that relates to, among other things, objectives, strategies and intentions, and future financial and operating performance and prospects. Generally, forward-looking information can be identified by use of words such as "may", "will", "expect", "believe", "plan", "would", "could" and other similar terminology. All of the forward-looking information in this press release is qualified by this cautionary statement. Forward-looking information is not, and cannot be, a guarantee of future results or events. Forward-looking information is based on, among other things, opinions, assumptions, estimates and analyses that, while considered reasonable by Altus Group at the date the forward-looking information is provided, inherently are subject to significant risks, uncertainties, contingencies and other factors that may cause actual results, performance or achievements, industry results or events to be materially different from those expressed or implied by the forward-looking information. Please consult Altus Group's most recent regulatory filings on SEDAR for more information on the Company's forward-looking statements.

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