TORONTO – Commercial real estate intelligence provider Altus Group has entered into a definitive agreement to sell its Canadian appraisals business to an affiliate of Newmark Group, Inc.
The acquisition is expected to close on or about March 1, meaning Altus’ Canadian appraisals business will become part of Newmark’s offering, a release reads.
“Altus Group’s divestiture reflects our ongoing efforts to simplify our portfolio and sharpen our focus on core analytics capabilities,” said Mike Gordon, CEO of Altus Group, in a statement. “The Canadian Appraisals business has played an important role in supporting clients and establishing Altus as a trusted source of market intelligence. We are grateful for the team’s contributions, and we’re confident that as part of Newmark’s global advisory services, the business will continue to thrive, creating meaningful opportunity for both clients and employees while continuing to leverage ARGUS Intelligence and our data offerings.”
The appraisal business has been an adviser to institutional funds, REITs, lenders, developers, property owners and public-sector entities, having operations in Canada for over 25 years with eight offices, over 140 professionals and more than 3,000 clients.
As part of the acquisition, Newmark has named Colin Johnston, former president of Altus’ Canadian appraisals business, as head of valuation and advisory services, Canada.
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