Commercial real estate valuation service Forbury has been acquired by Altus Group Limited, joining its suite of real estate management and insight tools.
Altus, a Toronto-based company, has targeted the New Zealand-based Forbury to bolster its growing presence in the Asia-Pacific region.
A cloud-based platform, Forbury provides valuation tools tailored for the APAC market to help users make decisions on when to refinance, refurbish, reposition or divest their commercial assets.
The commercial real estate valuation software has made its presence particularly felt in the Australian market, where it found partners such as Investa, Sumner and Cromwell.
Gordon Richardson, president of Altus’ APAC analytics division, said the addition “bolsters Altus’ global valuation offer in our growing 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.
“We’re looking forward to joining forces with Forbury’s 34 employees to enhance the value we bring to clients,” Mr Richardson said.
Steve Surridge, who founded Forbury two decades ago, described the acquisition as an “exciting milestone” for the company and its team.
He said that the firm felt confident in Altus’ ability to lead it into the future.
“With a global valuation platform, Altus is ideally suited and well-resourced to help accelerate Forbury’s growth and build on our success,” he said.
And he spoke about the value he hopes the software he developed will bring to the global commercial real estate firm.
“Forbury’s valuation tools will be a strong complement to Altus’ existing APAC-focused offers for CRE investors, developers, lenders, proprietors and advisors,” Mr Surridge said.
The transaction is expected to be finalised on 1 December 2023.
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