02:53:16 EDT Mon 24 Jun 2024
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Altus Group Ltd
Symbol AIF
Shares Issued 45,903,936
Close 2023-11-08 C$ 49.41
Market Cap C$ 2,268,113,478
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Altus to acquire RE valuation software biz Forbury

2023-11-08 18:18 ET - News Release

Mr. Gordon Richardson reports


Altus Group Ltd. today signed a definitive agreement to acquire the business of Forbury Property Valuation Solutions Ltd., a CRE (commercial real estate) valuation software provider in the Asia Pacific (APAC) region.

Forbury's cloud-based solutions provide valuation tools tailored for the APAC market to help users make informed decisions on when best to refinance, refurbish, reposition or divest their CRE assets. Trusted by the market for over a decade across various asset classes, its flagship Forbury Commercial product is widely adopted for commercial property valuation in the APAC region.

"The addition of Forbury's widely adopted valuation solution bolsters Altus's global valuation offer in our growing APAC region," said Gordon Richardson, president of Altus's APAC analytics division. "With this acquisition, we are solidifying our strategic commitment to Australia and the broader APAC region, while also addressing a variety of customer requirements through market-specific valuation capabilities. We're looking forward to joining forces with Forbury's 34 employees to enhance the value we bring to clients."

"This is an exciting milestone for Forbury and our team," added Steve Surridge, who founded the company 20 years ago. "With a global valuation platform, Altus is ideally suited and well-resourced to help accelerate Forbury's growth and build on our success. Forbury's valuation tools will be a strong complement to Altus' existing APAC-focused offers for CRE investors, developers, lenders, proprietors, and advisers."

The transaction is expected to close on or about Dec. 1, 2023.

About Altus Group Ltd.

Altus Group is a leading provider of asset and fund intelligence for commercial real estate. It delivers intelligence as a service to its global client base through a connected platform of industry-leading technology, advanced analytics and advisory services. Trusted by the largest CRE leaders, its capabilities help commercial real estate investors, developers, proprietors, lenders and advisers manage risks and improve performance returns throughout the asset and fund life cycle. Altus Group is a global company headquartered in Toronto with approximately 2,900 employees across North America, Europe, the Middle East and Africa, and Asia Pacific.

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