Altus Group Sells Canadian Appraisals Business to Newmark Group
Altus Group announced that it has entered into a definitive agreement to sell its Canadian Appraisals business to an affiliate of Newmark Group. The acquisition is expected to close on or about March 1 subject to customary closing conditions. Altus' Canadian Appraisals business will become part of Newmark's Valuation & Advisory offering. Newmark has also entered into a multi-year license agreement with Altus Group for global access to ARGUS Intelligence, among its other software and data offerings, expanding Newmark's Valuation & Advisory's performance analytics software and data subscriptions. Altus Group's Canadian commercial real estate Appraisal business has been a leading advisor 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 and one of the industry's preeminent valuation professionals with over 30 years of experience in the CRE sector, as Head of Valuation & Advisory Services, Canada.
