Balboa Investments Acquires Tonko Realty Advisors in Calgary

Balboa Investments Inc. (Balboa) and Tonko Realty Advisors Ltd. (Tonko) are pleased to announce that they have reached an agreement that will see Balboa purchase all of the issued and outstanding shares of Tonko effective June 17, 2011.

Mr. Larry Shelley, Balboa's Chairman, said that the union of the respective assets, services, and work forces of Balboa and Tonko creates a combined organization that immediately becomes a prominent player in the Western Canadian commercial real estate market.  It also provides a platform for the continued expansion of Balboa's business interests going forward.  Tonko's majority shareholders, Mr. Peter Cohos and Mr. Robert Proud, will continue to manage Tonko as a stand alone division for the foreseeable future.

Mr. Cohos and Mr. Proud noted that the Tonko organization is excited about joining forces with an organization whose asset base and construction and development roots in Western Canada date back more than 100 years.  They added that by combining the complementary skills and assets of the two organizations, you clearly have a situation where the whole is greater than the sum of its parts.  They confirmed that both organizations are deeply committed to applying their newly combined resources for the continued benefit of their respective clients.

As both Balboa and Tonko are private companies, the commercial terms of the transaction remain confidential.

Balboa is a privately-owned real estate owner, developer, property manager and asset manager based in Calgary, Alberta.  Through its subsidiary, Balboa Land Investments Inc., Balboa owns a diverse portfolio of commercial office buildings and strategically located land holdings.  Its most recent development is the Keynote mixed-use project in Calgary's Beltline community.  Balboa is the real estate arm of Calgary-based Coril Holdings Ltd., which has a diverse portfolio of assets and business interests throughout North America.

Tonko is a privately-owned commercial real estate advisory and management company that has been serving the asset management, property management and leasing needs of its valued institutional and private investor clients for more than 20 years.  Tonko currently provides its services in relation to a diverse portfolio of Western Canadian office, industrial and retail assets owned by its clients.  The portfolio for which services are provided comprises over 20 million square feet, with a combined asset value in excess of $3.2 Billion.
 

on June 21, 2011