Ingenium Group sells Giffels Management Limited to IG Realty Investments

    TORONTO, Dec. 10 /CNW/ - Today, the Ingenium Group announced the
completion of the sale of the assets and personnel of Giffels Management
Limited (GML) to IG Realty Investments (IGRI).
    Previously, GML, a member of the Ingenium Group of companies, had been
operating under an exclusive agreement to provide asset management services to
IGRI. IGRI decided that internalizing GML's asset management and development
function would further align stakeholder interests and create a truly
integrated real estate organization.
    IGRI is led by Philip Reichmann as Chairman of the Board, Amy Erixon as
CEO, and Don Mathew as Executive Vice President and Chief Investment Officer.
The newly combined entity will operate under the name IG Real Estate Advisors
Inc., and will immediately move forward with a substantial growth strategy,
building on its 70 staff and over $700M in current assets under management.
    "This business transaction provides an opportunity for IGRI and GDBI to
collaborate again on future projects, while having the flexibility to pursue
innovative relationships with new partners and interests," said Victor Smith,
CEO, Ingenium Group Inc.
    Giffels Design-Build Inc. (GDBI), a wholly owned subsidiary of Ingenium
Group Inc., will maintain a non-exclusive strategic relationship with IGRI to
provide various building and construction services. In addition, an
independent GDBI intends to aggressively pursue third party design build and
merchant building opportunities in all product sectors across Canada. Leaders
of GDBI are Victor Smith, CEO, Colin Soule, President, Marc Turcotte, Chief
Financial Officer, Neil Morrow, Executive Vice President, Tony Solimine,
Senior Vice President, Project/Construction Management, Gunars Robeznieks,
Senior Vice President and Paul Stochl, Senior Vice President, Business
    The sale of GML positions both IGRI and GDBI to more efficiently access
the capital required for growth. IGRI and GDBI will continue to work together
on current development projects such as the rollout of 1.7M sf of industrial
construction in the GTA with IGRI in the development and investment role, and
GDBI performing construction and design/build services.

For further information:

For further information: Key contact information for IG Real Estate
Advisors Inc: IG Real Estate Advisors Inc., 2 International Blvd., Toronto,
ON, (416) 798-6800,; Amy Erixon, CEO,, (416)
798-5374; Don Mathew, EVP,, (416) 798-5563; Doug Tam, SVP
Development,, (416) 798-5938; Tony Aksich, SVP Residential,, (514) 931-1001; Steve Rawlin, VP Leasing & Marketing,, (416) 798-5917; Walid Cheaib, Director Acquisitions,, (416) 798-5449; Key contact information for Giffels
Design-Build Inc.: Giffels Design Build Inc., 30 International Blvd, Toronto,
ON, (416) 798-5500,; Victor Smith, CEO,, (416) 798-5454; Colin Soule, President,, (416) 798-5605; Marc Turcotte, CFO,, (416) 798-5627; Neil Morrow, EVP,, (416) 798-5518; Tony Solimine, SVP
Project/Construction Management,, (416) 798-5488;
Paul Stochl, SVP, Business Development,, (416)
798-5591; Gunars Robeznieks, SVP,, (416)

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