TORONTO, Aug. 25 /CNW/ - Timbercreek Asset Management Inc. ("Timbercreek") announced that the sale of all of the outstanding units of the Timbercreek Real Estate Investment Trust ("TREIT") to Restier LP was completed yesterday. The units were purchased pursuant to the previously announced Plan of Arrangement for an aggregate net cash payment of $182,715,328.60, equivalent to a gross price of $14.45 per unit.
"The TREIT portfolio has exceeded its investment objective of generating an annual yield of eight percent since its inception in 2004," said Blair Tamblyn, President and CEO of Timbercreek. "As well, steady growth in the underlying value of the assets combined with Restier's offer of a 15 percent premium over the most recent to TREIT net asset value, has meant that unitholders have received significant value. The predictability of cash flow generated by the asset class continues to attract increasing institutional interest. Institutional investors typically have different investment objectives and criteria than broader-based retail investors do. We anticipate that Timbercreek will continue take advantage of opportunities in the market to build institutional-quality real estate portfolios going forward."
The TREIT's assets consist of 5,112 units in 67 mid-size to large apartment buildings in eight Canadian cities. The assets will continue to be managed by Timbercreek on behalf of Restier. Including the TREIT portfolio, Timbercreek currently manages over 10,000 units in Ontario, Quebec and Nova Scotia.
About Timbercreek Asset Management
Timbercreek Asset Management Inc. is a specialized investment manager focused on real estate and other alternative asset classes. Timbercreek was founded in 1999 and now manages approximately $1.2 billion in assets through its six private and public funds invested both in direct real estate (primarily multi-residential) and in mortgage debt.
SOURCE Timbercreek Asset Management Inc.
For further information: For further information: Timbercreek Asset Management Inc., Carrie Morris, Investor Relations, 416.306.9967 x250, firstname.lastname@example.org