IBI Income Fund Announces the Closing of the Merger of Page + Steele, Incorporated, Architects with the practice of IBI Group Architects

    TORONTO, July 8 /CNW/ - IBI Income Fund (the "Fund") (TSX:IBG.UN)
announced today the closing of the merger of the Page + Steele Incorporated,
Architects, with the professional practice of IBI Group Architects. Page +
Steele will continue as a distinct division within the IBI Group of Firms,
operating as Page + Steele - IBI Group Architects.
    Since the founding of the firm 82 years ago in 1926, Page + Steele has
become a highly regarded "brand" in architectural practice, known for creative
talent, technical expertise and consistency in helping clients realise
successfully many buildings for residential, hotel, commercial, mixed use and
institution of uses throughout the Greater Toronto Area, as well as some
projects internationally. The firm has achieved steady growth over the years
and especially in the past decade by establishing valued relationships with an
ever expanding number of loyal clients.
    Phil Beinhaker, Chairman Director and CEO of IBI Group Architects noted
that, "Sol Wassermuhl with partners Brian Sickle, Tim Gorley and Mansoor
Kazerouni, along with Vice Presidents Vlad Losner and Gianni Ria have
maintained and grown an outstanding practice of architecture serving the
development industry as well as institutions. This leadership have all
committed to continue with the practice as the Page + Steele - IBI Group
Architects Division and expect that they will, along with the other senior
members of the total staff complement of approximately 100 people, maintain
the practice and assume roles of leadership in the overall IBI Group of Firms
in the ensuing years. IBI is committed to this growth through the provision of
additional professional architectural resources, as well as complementing the
expertise for professional services in urban planning, transportation,
landscape architecture, interior design, real estate research, systems
technology and others. With this merger, the total complement of the IBI Group
of Firms is now approximately 2,300 people operating through 64 offices. Page
+ Steele - IBI Group Architects can now participate in projects of the IBI
Group of Firms on this Global basis".
    Sol Wassermuhl, President of Page + Steele stated that "This merger
results from much internal consideration and planning. We are very pleased to
have succeeded in achieving this strategic relationship with the IBI Group of
Companies. There will be no change in the senior operating management at the
Page + Steele with continued leadership provided by myself and my five
colleagues and our other talented members. We believe that the Page + Steele
"brand" will be able to thrive and at the same time we are confident that the
synergy of the broader resources of manpower and technology will enable us to
provide our clients with an even higher level of talent and service relative
to that which they have come to expect".

    About IBI Income 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 68% interest in 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 32% of IBI Group is owned by IBI Group Management

    %SEDAR: 00021044E

For further information:

For further information: Philip H. Beinhaker, IBI Income Fund, 230
Richmond Street West, Toronto, Ontario, M5V 1V6, Telephone: (416) 596-1930

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