Altus Group Limited has signed a definitive agreement to acquire APAC commercial real estate valuation software provider, Forbury Property Valuation Solutions Limited.
The deal marks a significant investment for Altus into both the Australia-New Zealand market and the wider Asia Pacific region.
Headquartered in New Zealand, Forbury provides tailored valuation tools for the APAC market, especially Australia.
Altus is a leading provider of CRE asset and fund intelligence and Forbury will complement the group’s existing APAC-focused offers for CRE investors, developers, lenders, proprietors and advisors.
Altus APAC analytics division president Gordon Richardson said the addition of Forbury’s widely adopted valuation solution would bolster the growth of Altus in the APAC region.
“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,” he said.
“We’re looking forward to joining forces with Forbury’s 34 employees to enhance the value we bring to clients.”
Forbury founder Steve Surridge said the deal was an “exciting milestone” for his team.
“Altus is ideally suited and well-resourced to help accelerate Forbury’s growth and build on our success,” he said.
Forbury’s cloud-based solutions help users make informed decisions on when to refinance, refurbish, reposition or divest their CRE assets. Trusted by the market for more than a decade across various asset classes, its flagship Forbury Commercial product is widely adopted for commercial property valuation in the APAC region.
The Altus transaction is expected to close in early December, 2023.