Integra Realty Resources Announces Merger with Altus Group
May 6, 2008
COLUMBIA, SC – May 5, 2008 – Integra Realty Resources, a nationwide real estate valuation firm with 800 employees in 55 offices across the United States and Mexico, announced plans to merge with Altus Group Income Fund of Toronto last week. Altus Group employs 1,100 in its 31 offices in Canada and Europe.
“This is an exciting opportunity, and we’re happy that we’ll be able to offer our clients additional services as one of the largest property valuation and counseling firms in the world,” said Michael B. Dodds, MAI, CCIM, MRICS, managing partner of Integra Realty Resources’ offices in Columbia and Greenville, and IRR-Residential Columbia, the residential real estate valuation division.
The mutually beneficial merger gives Altus a foray into the U.S. market, and likewise, Integra will have access to Canada and the European market. In addition, as brokerage house-affiliated valuation groups have recently been scrutinized regarding potential conflicts of interest, Integra and Altus have retained their status as independent appraisers.
“There’s an increasing preference to use firms like Altus and Integra where there is a commitment to quality uncompromised by a conflict of interest,” said Debora Hendrix, MAI, director of the Columbia office of Integra. While the merger hasn’t been finalized, day-to-day operations in the Columbia and Greenville offices will not change and clients won’t experience any disruptions.
“The merger will mean Integra will have access to even higher quality data and technology. I fully expect the merger to lead to a $1-billion company in the near future,” says Dodds.
Integra expects to add employees nationwide once the merger is complete.
“The merger means that our loyal employees will have access to lucrative stock options and additional benefits, allowing us to retain and attract the best of the best analysts,” says Dodds.
Altus stock prices spiked nearly 9 percent to close at $18.25 per share by the end of the Toronto Stock Exchange trading day immediately following the announcement. The merger is expected to be complete in the fourth quarter of this year, and at this time neither Integra nor Altus disclosed pricing for the acquisition.
For more information on Integra Realty Resources, call (803) 772-8282 or visit www.irr.com.
