Integrated Asset Management Corp.
TSX : IAM

Integrated Asset Management Corp.

December 02, 2008 09:00 ET

Integrated Asset Management Corp. Announces Sale of Darton Property Advisors & Managers Inc.

TORONTO, ONTARIO--(Marketwire - Dec. 2, 2008) - Integrated Asset Management Corp. ("IAM") (TSX:IAM) announced today the closing of the sale of its real estate property management company Darton Property Advisors & Managers Inc.("Darton"), to Avison Young (Canada) Inc. ("Avison"). Darton, which was acquired in 1999 by IAM's real estate asset management group, ("GPM"), is a Toronto-based property management company which manages approximately 11 million square feet of commercial real estate for domestic and international institutional and private investors.

With operations in Toronto, Mississauga, Ottawa, Montreal, Vancouver, Edmonton, Calgary, Regina, Winnipeg, Quebec City and Halifax, Avison ranks among Canada's leading national commercial real estate organizations. The firm provides value-added, client-centric investment sales, leasing, advisory, management and financial services to owners and users of commercial, industrial and multi-residential real estate properties. Combined, the Avison Young and Darton portfolio represents 26 million square feet of retail, industrial and office properties across Canada.

Brent Chapman, President and Chief Executive Officer of GPM, said , "While we are selling our interest in Darton, we will remain a major client of the firm entrusting Avison Young with the management of space owned by our real estate fund clients. It was important for our firm to transition our loyal staff, clients and real estate funds to a company known for its excellence in the management services business, a winning combination."

IAM determined that, while Darton has grown since its acquisition and contributed to IAM's profitability, IAM's growth strategy will be focused on its higher margin, asset management business. From Darton's perspective, its growth potential can best be realized by its association with Avison.

IAM is Canada's leading alternative asset management company with approximately $2.3 billion in assets and committed capital under management in real estate, private corporate debt, private equity, managed futures and retail alternative investments.

Contact Information