Altus Group Income Fund (AIF.UN) said it has completed the acquisition of Australian property consultancy Page Kirkland Group, expanding its business into Australia.
The acquisition was funded partly by cash, as well as issued equity and bank financing. Altus, which provides consulting services to banks, governments, developers and oil and gas sector among other clients, is now present in 11 countries.
Altus’ decision to grow business in Australia comes at a good time as the country has recently softened its legislation, opening the door for foreign investment into property and was named the top country for property investment by a recent survey carried out by Asian, European and American real estate associations, boosting its appeal as a real estate market.
The company did not disclose the financial terms of the deal.
Altus opened with an almost 2% gain on the Toronto Stock Exchange today.