Newmark Acquires Altus Group's Canadian Appraisals Business, Secures ARGUS Intelligence License
Altus Group Limited (TSX: AIF) announced February 17 that it has entered into a definitive agreement to sell its Canadian Appraisals business to an affiliate of Newmark, Inc., expanding Newmark's Valuation & Advisory services into one of Canada's largest commercial appraisal platforms. The transaction is expected to close on or about March 1, 2026, subject to customary closing conditions.
Transaction Overview and Strategic Rationale
Under the terms of the agreement, Altus Group's Canadian Appraisals business will be integrated into Newmark's existing Valuation & Advisory division. Alongside the acquisition, Newmark has entered into a multi-year license agreement with Altus Group for global access to ARGUS Intelligence, as well as other software and data offerings. The expanded software access is intended to strengthen Newmark's performance analytics and data subscription capabilities. Financial terms of the transaction were not disclosed.
For Altus Group, the divestiture reflects a deliberate portfolio simplification strategy. "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. "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."
For Newmark, the deal directly supports its stated priority of expanding recurring, advisory-driven revenue streams globally. Roger Anscher, Newmark's Chief Administrative Officer, said the acquisition "provides a strong complement to Newmark's existing brokerage and advisory business in Canada."
Scale of the Canadian Appraisals Platform
Altus Group's Canadian commercial real estate appraisal business has operated in Canada for more than 25 years, with eight offices, more than 140 professionals, and over 3,000 clients. Its client base spans institutional funds, REITs, lenders, developers, property owners, and public-sector entities — a broad footprint that Newmark characterized as one of Canada's largest groups of Accredited Appraiser Canadian Institute (AACI) designees.
"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 & Advisory group. "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."
Leadership: Colin Johnston Named to Lead Valuation & Advisory, Canada
As part of the acquisition, Newmark has named Colin Johnston — former President of Altus Group's Canadian Appraisals business — to a leadership role within Newmark's Valuation & Advisory structure. The source does not specify his exact title or years of experience beyond identifying him as one of the industry's preeminent valuation professionals.
Dual-Track Approach: Divestiture with Retained Technology Access
The structure of the transaction is notable in that Altus Group exits the direct appraisal services segment in Canada while retaining a commercial relationship with the divested business through the multi-year ARGUS Intelligence license agreement with Newmark. This arrangement allows Altus to continue generating software and data revenue from Newmark while sharpening its corporate focus on its analytics platform.
Newmark's Valuation & Advisory division gains both AACI-designated appraisers and expanded technology access through the ARGUS suite as part of the combined operation.
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