IBI Income Fund announces the closing of a strategic alliance of Gruzen Samton Architects, Planners and Interior Designers with the IBI Group of Firms

    TORONTO, May 19 /CNW/ - IBI Income Fund (The "Fund") (TSX: IBG.UN)
announced today the closing of a strategic alliance of Gruzen Samton
Architects, Planners and Interior Designers LLP with the professional practice
of the IBI Group of Firms. Gruzen Samton LLP ("GS") will continue as a
distinct entity within the IBI Group of Firms.
    Since the founding of predecessor firms that now operate under the label
of Gruzen Samton, some 73 years ago, 1936, Gruzen Samton established a highly
regarded recognised name in the practice of architecture, planning and
interior design. The firm is known for its creative talent, technical
expertise and consistency of professional services to its clients in realising
successfully many buildings for office/work place environments, institutional
uses for education at university and school levels, justice and governmental
facilities, residential environments ranging widely from affordable/social
housing to luxury accommodation, hotel, commercial and mixed uses. The
concentration of the GS activity has been through the New York City office
serving the Greater New York/New Jersey Metropolitan area and the Alexandria,
Virginia office serving the Washington/District of Columbia Metropolitan area,
in addition to projects elsewhere in the United States and internationally.
The GS firm has maintained the substantial practice over the years including
through the period of challenges in the past decade of 9/11 and the current
financial and economic crisis, by the quality of the professional work, thus
establishing valued continuing relationships with a wide range of loyal
clients, some extending for more than forty years.
    Phil Beinhaker, Chairman Director and CEO of the IBI Group of Firms noted
that, "Jordan Gruzen, Peter Samton and their eight principal colleagues have
established and maintained an outstanding practice of architecture, planning,
interior design serving Government, institutions and private developers. This
leadership have all committed to continue the practice of the GS Firm in this
strategic alliance, affiliating with the IBI Group of Firms. We fully expect
that these ten leaders along with their Associate Partners, Associates and
professional staff totalling approximately 120 people, will thrive through
this strategic alliance in affiliation with the IBI Group of Firms and grow to
assume, over time, roles of leadership in the assumed years in the context of
IBI Group. IBI Group is committed through this strategic alliance to the
growth of the GS practice through the provision of additional professional
architectural resources, (all in accordance with regulations of the practice
of architecture in the respective jurisdictions), as well as complementing
this expertise with professional services in urban planning, transportation,
real estate research, systems technology and other areas of established IBI
professional competence. With this affiliation, the total complement of
professionals within the IBI Group of Firms is now approximately 2,220 people
operating through 64 offices worldwide. The GS Firm can now participate in
projects of the IBI Group of Firms on this global basis. The consideration for
the business arrangements of this strategic alliance is in the form of IBI
units and cash for the value agreed for the goodwill and working capital. A
total of 102,415 units have been issued on closing, with additional units to
be issued on the first and second anniversaries of closing, estimated to be
51,208 units on each date, subject to adjustment."
    Jordan Gruzen, Partner of the GS Firm stated that "This strategic
alliance results from careful internal consideration and planning with regards
to the continuation of our practice and the provision of succession over time.
We are pleased to have achieved this strategic alliance with the IBI Group of
Firm. There will be no change in our senior operating management at the GS
Firms with continued leadership provided by myself, my longstanding fellow
partner, Peter Samton, the director of our Washington/D.C. area office,
Michael Kazan, and our principal colleagues, senior associates, associates and
other talented staff members". Peter Samton elaborated further and stated "We
believe that the GS identity will be strengthened and at the same time we are
confident that the synergy of the broader resources of manpower and technology
available through the IBI Group of Firms will enable us to provide our clients
with an even higher level of service relative to that which they have come to

    About IBI Fund

    The Fund is a TSX listed Income Trust, which pays monthly distributions
and trades under the symbol "IBG.UN". The Fund holds an indirect 69.2% in the
IBI Group, a Partnership which, directly and through its subsidiary entities,
provides professional services, including planning, design, implementation,
analysis of operations and other consulting services in relation to four main
areas of development, being urban land, building facilities, transportation
networks and systems technology. The remaining 30.8% of the IBI Group is owned
by IBI Group Management Partnership which together with its share in the
indirect interest of the Fund holds a combined 49.0% interest.

    %SEDAR: 00021044E

For further information:

For further information: Allan J. Kamerman, IBI Income Fund, 230
Richmond Street West, 5th Floor, Toronto, ON, M5V 1V6, Tel: (416) 596-1930

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