Altus Group Limited announced that it has acquired the privately owned Canadian real estate information services company RealNet Canada Inc. “We are very excited about the acquisition of RealNet and having George Carras, a prominent industry leader, join our management team. We have a long working history with RealNet and believe that the formal integration of our substantial assets will benefit all of our clients and each of our business units,” said Bob Courteau, CEO of Altus Group. “The acquisition broadens Altus Group’s Canadian full-service offering, enhances its data and market research revenue stream and furthers the Company’s strategy of building out its data solutions.”
Founded in 1995, RealNet’s team of approximately 40 professionals, including its founder and president, George Carras, will join Altus Group’s Research, Valuation and Advisory (RVA) group in Canada. This strategic acquisition broadens RVA’s market data and research offerings, particularly that of Altus InSite, and through this acquisition, Altus InSite’s national information on inventory, vacancy and new supply will be complemented by RealNet’s sales data. The addition of RealNet’s residential information, and Carras’ position as a leading market commentator, also complements and strengthens Altus Group’s existing multi-family and condominium subscription products.