TORONTO, Feb. 28 /CNW/ - Timbercreek Global Real Estate Fund (the
"Fund") announces that it has filed a final prospectus dated February
28, 2011 with the Canadian securities regulatory authorities in each of
the provinces of Canada, and a receipt therefore has been issued. The
prospectus qualifies the distribution (the "Offering") of class A units
and class B units of the Fund (collectively, the "Units") that will be
issued at $12.22 per Unit and $12.21 per Unit, respectively. The
Offering is scheduled to close on March 11, 2011. The syndicate of
agents is co-led by Raymond James Ltd. and BMO Capital Markets, and
includes CIBC, GMP Securities L.P., TD Securities Inc., HSBC Securities
(Canada) Inc., Manulife Securities Incorporated, Scotia Capital Inc.,
National Bank Financial Inc., Canaccord Genuity Corp., Macquarie
Capital Markets Canada Ltd. and M Partners Inc.
The Fund, which is managed by Timbercreek Asset Management Ltd. (the
"Manager"), was established to invest in a globally diversified
portfolio of premier real estate securities including common equity,
preferred shares and debt of both public and private real estate
investment trusts and real estate companies in Canada, United States,
United Kingdom, Continental Europe, Japan, Australia, Hong Kong and
other countries. The Manager has engaged FSX Securities Canada Inc.
(the "Advisor") to provide portfolio management services to the Fund.
Through the Manager's partnership with the Advisor, the Fund will be
supported by a team of real estate analysts based in Toronto, New York,
London and Hong Kong that are strictly dedicated to analyzing and
investing in real estate securities.
The Fund's investment objectives are to provide holders of Units
("Unitholders") with quarterly distributions currently targeted to be
$0.21 per Unit ($0.84 per annum) until March 2012; and preserve capital
while providing the opportunity for long-term capital appreciation for
The Manager, a wholly owned subsidiary of Timbercreek Asset Management
Inc., is an investment management company that employs a conservative
and risk-averse approach to real estate-based investments. The Manager
and its affiliates currently manage approximately $1.4 billion in real
estate-related assets, including direct ownership and mortgages.
The Advisor is a wholly-owned subsidiary of Forum Securities Limited
("Forum Securities"), which is an affiliate of Forum Partners
Investment Management LLC ("Forum Partners"). Forum Securities
provides a platform for investment in global public real estate
securities with over $900 million in assets under management. Since
inception, Forum Securities has demonstrated the ability to continually
beat its benchmark while employing similar investment strategies to the
Fund. On June 30, 2009, the Global Real Estate Securities team at Citi
joined Forum Partners and created Forum Securities.
Forum Partners provides real estate related private equity investment
opportunities for large institutional clients on a global basis with
over $2 billion currently under management. Forum Partners and Forum
Securities have 70 employees in eight offices across Asia, Europe and
North America with 13 employees dedicated to global real estate
Certain statements included in this news release constitute
forward-looking statements, including, but not limited to, those
identified by the expressions "expect", "intend", "will" and similar
expressions to the extent they relate to the Fund. The forward-looking
statements are not historical facts but reflect the Manager's current
expectations regarding future results or events. These forward-looking
statements are subject to a number of risks and uncertainties that
could cause actual results or events to differ materially from current
expectations. Although the Manager believes that the assumptions
inherent in the forward-looking statements are reasonable,
forward-looking statements are not guarantees of future performance
and, accordingly, readers are cautioned not to place undue reliance on
such statements due to the inherent uncertainty therein. The Manager
undertakes no obligation to update publicly or otherwise revise any
forward-looking statement or information whether as a result of new
information, future events or other such factors which affect this
information, except as required by law.
This offering is only made by a prospectus dated February 28, 2011. The
prospectus contains important information relating to these securities.
Copies of the prospectus may be obtained from any of the Agents.
Investors should read the prospectus before making an investment
All capital terms noted herein but not defined are as per the prospectus
dated February 28, 2011.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy securities of the Fund in the United
SOURCE Timbercreek Global Real Estate Fund
For further information:
Timbercreek Asset Management
Vice- President, Investor Relations & Corporate Governance