Canadian commercial real estate intelligence provider Altus Group (AIF-T) is selling its Canadian appraisals business to an affiliate of New York.-based Newmark Group (NMRK-Q) as Altus continues to pare its business down to its core offerings.

The sale will mark a considerable change in the Canadian appraisals landscape, as Altus Group has over 140 professionals in eight offices. The division, which has been in operation for over 25 years, provides services for more than 3,000 clients from institutional funds to REITs, lenders, developers, property owners and public-sector entities.

The acquisition is expected to close on or about March 1, subject to customary closing conditions. 

“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 the Tuesday announcement. “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.”

Group to join Newmark's valuation and advisory division

Altus’ business will become part of Newmark’s valuation and 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 performance analytics software and data subscriptions.

“Newmark’s global valuation and advisory business will be further enhanced with the addition of a premier Canadian business with an exceptional reputation across institutional, lender and public-sector clients,” said Roger Anscher, Newmark’s chief administrative officer, in the announcement. “This acquisition provides a strong complement to Newmark’s existing brokerage and advisory business in Canada and reflects our continued focus on expanding recurring, advisory-driven revenue streams globally.”

Newmark has named Colin Johnston, former president of Altus’ Canadian appraisals business and a well-known valuation professional with over 30 years of experience, as head of valuation and advisory services, Canada.

The expanded software and data agreement with Newmark includes access to a range of Altus’ software and data offerings, including ARGUS Intelligence with the Portfolio Manager add-on capability, Forbury, ARGUS EstateMaster, Reonomy and Altus Data Studio.

“We’re delighted to expand our services with the addition of one of Canada’s largest and most respected groups of Accredited Appraiser Canadian Institute (AACI) designees,” said John D. Busi, president of Newmark’s valuation and advisory group, in the announcement. “Over the past decade, the demand for independent valuation and analytics has grown dramatically, and this acquisition positions Newmark to meet that demand with greater scale, local depth and global connectivity.”

Altus has been executing over the past year-and-a-half on a stated intention to focus on its core services. The company sold its global property tax services division to Ryan LLC in 2024 for $700 million. It also announced the departure of former CEO Jim Hannon in November, when Gordon took on the position.

About Newmark and Altus Group

Newmark Group, Inc., together with its subsidiaries, is a global commercial real estate services firm powering every phase of the property life cycle. It provides market intelligence in both established and emerging property markets across the industry spectrum. 

For the 12 months ended Sept. 30, 2025, Newmark generated revenues of over $3.1 billion. Newmark and its business partners operate from approximately 170 offices with over 8,500 professionals across four continents.

Altus Group is an international provider of commercial real estate intelligence anchored by ARGUS valuation and performance analytics. For more than two decades, Altus has provided CRE executives with analytics and advice to assist in high-stakes decisions.