IBI Group Investment Partnership acquires units of IBI Income Fund
Toronto, February 1 2010 - IBI Income Fund (the "Fund") (TSX: IBG.UN) announced today that IBI Group Management Partnership (the "Management Partnership") has transferred 1,161,764 units of the Fund to an affiliated partnership, IBI Group Investment Partnership (the "Investment Partnership"). The principals of the corporate partners of the Investment Partnership are also principals of the corporate partners of the Management Partnership.
Following the acquisition of units, the Investment Partnership owns 22.8% of the outstanding Fund units. The Investment Partnership acquired the units from the Management Partnership at a price $16.70 per unit. The Investment Partnership acquired the units for investment purposes as well as for allocation to retired partners of the Management Partnership. The Investment Partnership may acquire the remainder of the Fund units owned by the Management Partnership in the future. In addition, the Investment Partnership may increase or reduce its investment in Fund units according to market conditions or other relevant factors.
The transfer of the Fund units was exempt from the prospectus requirement of applicable Canadian securities legislation based on an exemption relating to trades to an affiliate of a founder of the issuer.
About the 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 71.7% 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 28.3% of IBI Group is owned by the Management Partnership which together with its and the Investment Partnership's share in the indirect interest of the Fund holds a combined 46.3% interest.
For further information, please contact:
Allan J. Kamerman
IBI Income Fund
230 Richmond Street West, 5th Floor
Toronto, ON M5V 1V6
Tel: 416-596-1930
Fax: 416-596-8024
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