IBI Income Fund Announces the Closing of the Merger/Acquisition of the Practice of Landplan Associates, of Calgary, Alberta

    TORONTO, Dec. 20 /CNW/ - IBI Income Fund (the "Fund") (TSX:IBG.UN)
announced today that all conditions have been waived and business and legal
arrangements concluded and the transaction closed for the merger/acquisition
of the practice of Landplan Associates of Calgary Alberta within IBI Group.
    Landplan Associates is a Landscape Architecture practice. The Firm has
been serving all levels of government and private sector clients from its
offices in Calgary for 38 years.
    Phil Beinhaker, Chairman Director and CEO of IBI Group noted that, "Garth
Balls and his senior associates and colleagues have established an outstanding
Landscape design firm serving the land development industry and Government,
with successful completion of a wide range of projects. The agreements
concluded provide for Garth and all of the members of the firm to continue
with the practice. The integration of this practice with its total complement
of 12 professional staff will strengthen the professional presence of IBI in
Alberta, and will enhance the effectiveness of both Landplan and IBI in
serving the clients of the merged firms in this region, with the design of
Urban land projects in conjunction with the landscape architects, land
planners; civil engineers, urban designers, architects, real estate research
experts, and transportation experts within the IBI Group of firms."
    Garth Balls stated that "We at Landplan are enthusiastic about joining
the IBI Group. The coming together of the two firms provides an opportunity to
expand the range of services to our existing clients and a platform to extend
the high quality design work of Landplan in broader markets in Alberta and in
conjunction with other complementary professional disciplines. It is a logical
step in the growth of the practice, expanding on what Landplan has achieved
through the loyalty of clients and staff over the past 38 years".

    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 63% 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 37% 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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