IBI Income Fund Announces the Conclusion of Business and Legal Arrangements for the Merger/Acquisition of the Practices of Young + Wright Architects, of Toronto and Lawrence Doyle Young + Wright Architects of Vancouver

    TORONTO, Jan. 25 /CNW/ - IBI Income Fund (the "Fund") (TSX:IBG.UN)
announced today that business and legal arrangements have been concluded to
provide for the closing over the next few days of the merger/acquisition of
the practices of Young + Wright Architects of Toronto, Robbie Young + Wright
Architects of Toronto and Lawrence Doyle, Young + Wright Architects of
Vancouver. (Collectively referred to as Y+W).
    Y+W are a very broadly based architectural practice comprising
institutional buildings for education, community facilities for worship and
other community purposes, commercial retail, entertainment and sports, work
place and residential facilities. The firms constituting the Y+W practice have
been serving a broad base of public and private clientele from operating
offices in Toronto and Vancouver for some 30 years. The practices are known
for their design creativity and technical competence producing built
environments of the highest quality.
    Phil Beinhaker, Chairman Director and CEO of IBI Group noted that,
"Richard Young, Jamie Wright, Drummond Hassan and Neil Munro, the four
principals together with Lawrence Doyle, have established broadly based
architectural practices both in central and western Canada and have now
succeeded in establishing professional relations with clients in China and
Dubai. The agreements that we have concluded provide for all four principals
of Y+W along with Lawrence Doyle, the senior members and all staff to continue
with the practices. The integration of the 102 people in these practices, (79
in Toronto and 23 in Vancouver) together with the architectural practices
affiliated with the IBI Group will now total approximately 450 personnel in
architectural practices in Canada and approximately 675 worldwide of the total
complement of approximately 1,750 personnel within the IBI Group of firms. The
combined strengths of the architectural practices thus comprise the largest
group in Canada and one emerging at the world scale of practice. This merger
will be a benefit to both the clientele and professional staff of Y+W and IBI
through the increase in the professional expertise and resources arising from
the integration of the firms".
    Richard Young stated "Principals and professionals of Y+W see this
integration of the two practices as an opportunity to expand the range of our
services and the depth of our resources for the work on behalf of our existing
clients and will allow us to position for further expansion." James Wright
stated that "We, at Y+W, have succeeded in opening opportunities in China and
in the Gulf, but have been challenged by the establishment of offices and
professional staff in these areas. The geographic scope of IBI operations
provide immediate platforms to enable us to serve these new clients of Y+W and
to grow our practice to a world scale within the framework of the IBI Group of
firms in Canada and internationally to realise our objectives in this regard".

    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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