Global commercial real estate services, software and data solutions firm Altus Group has acquired the UK's Commercial Valuers & Surveyors (CVS), a property tax service provider, for £36.3 mln (€41 mln).
According to Altus, the acquisition of CVS - which specialises in business rates advisory services - adds approximately 230 professionals based in London, Manchester and Bristol to the group, bringing the UK practice to over 400 people.
'Bringing CVS under the Altus Group brand more than doubles our business rates practice in the UK, while significantly broadening our scale, talent resources and market share in the country,' said Robert Courteau, Altus Group's CEO.
'It positions us well to capitalise on the growth opportunity presented by the rates revaluation that took place earlier this year and the new five-year revaluation cycle that commenced with it.'
CVS’s primary services include business rates reduction (reducing property taxes for businesses and other organizations that occupy commercial premises). It specializes in tax representation for all types of commercial properties including office, retail and industrial bulk classes.
Altus Group paid a total of £30.3 mln (€34 mln) in cash on closing with an additional £6.0 mln (€6.8 mln) payable two years after closing, subject to certain conditions being met.
'The combination of our comprehensive data on joint property information will also better position us to serve our clients in appeals and lease negotiations while supporting our ongoing initiatives to modernise our offerings with data and technology,' Courteau concluded.
