TORONTO, June 3 /CNW/ - Timbercreek Asset Management Inc. (the "Manager") is issuing this press release to announce it has received an expression of interest (the "Letter") from a Canadian institutional investor (the "Offeror") to explore a potential arrangement involving the purchase of all of the outstanding units of Timbercreek Real Estate Investment Trust (the "Fund") or alternatively, purchasing the Fund's portfolio of real properties. The Manager has presented this Letter to the board of trustees (the "Board") of the Fund. In response to this Letter, the Board has resolved to form a special committee of independent trustees (the "Special Committee") to consider the expression of interest and if deemed appropriate, to begin discussions with the Offeror in respect of the potential transaction.
About the Fund
The Fund is a private, open-end investment trust established in order to capitalize on underperforming, multi-residential real estate opportunities in Canada since 2004. The objective of the Fund is to maximize long-term results while providing a steady stream of inflation-hedged income and preserving investors' capital. The Fund is directly invested in a portfolio of well diversified income producing, multi-residential real estate consisting of 5,575 residential suites located across seven Canadian central metropolis areas including Ottawa, Ontario; London, Ontario; St. Catharines, Ontario, Aurora, Ontario; Windsor, Ontario; Montreal, Quebec and Halifax, Nova Scotia.
SOURCE Timbercreek Asset Management Inc.
For further information: For further information: Timbercreek Asset Management Inc., Carrie Morris, Investor Relations, (416) 306-9967 x250, email@example.com