Timbercreek Files Amended and Restated Preliminary Prospectus for Initial Public Offering of Timbercreek U.S. Multi-Residential Opportunity Fund #1

TORONTO, Sept. 11, 2012 /CNW/ - Timbercreek U.S. Multi-Residential Opportunity Fund #1 (the "Fund") announced today that it has filed an amended and restated preliminary prospectus (the "Preliminary Prospectus") with the securities regulatory authorities in each of the provinces and territories of Canada, other than Quebec. A copy of the Preliminary Prospectus is available on SEDAR (www.sedar.com).

The Preliminary Prospectus qualifies the distribution (the "Offering") of Class A Units ("Class A Units") and Class B Units ("Class B Units" and, together with the Class A Units, the "Units") of the Fund at a price of $10 per Class A Unit and $10 per Class B Unit. Class B Units are available for investments of $5 million or more.  The Fund has not applied to list or quote the Units on any stock exchange.

Raymond James Ltd., CIBC World Markets Inc. and GMP Securities L.P., acting as co-lead agents (the "Lead Agents") for a syndicate including BMO Nesbitt Burns Inc., National Bank Financial Inc., Scotia Capital Inc., Canaccord Genuity Corp., Macquarie Capital Markets Canada Ltd., Dundee Securities Ltd. and Manulife Securities Incorporated (together with the Lead Agents, the "Agents") will commence marketing of the Offering. Prospective purchasers may subscribe for such Units through one of the Agents.

Net proceeds from the Offering will be used to acquire multi-residential real estate assets located in the southeastern United States (the "Properties") that are mispriced and/or undermanaged in the view of Timbercreek Asset Management Inc., who will act as manager (the "Manager").

The Manager and its affiliates currently manage approximately $3 billion in real estate-related assets based on fair value, including direct real estate ownership (primarily multi-residential), mortgages and global real estate securities. The Manager employs a team of over 90 professionals located in its head office in Toronto with substantial experience in real estate acquisitions, disposals, financing and administration, property and asset management, construction and redevelopment, as well as approximately 370 people at its 14 additional offices across Canada. The Manager's assets under management currently include approximately $2 billion in multi-residential real estate deployed through both core and opportunistic investment strategies and comprising over 16,000 apartment units across Canada.

Elco Landmark Residential Holdings, LLC (the "Operator") will operate and act as property manager for the Properties. The Operator is a Jupiter, Florida based private equity multi-residential real estate company, and is currently responsible for operating approximately 18,000 units across the southeastern United States and employs a dedicated team of 21 corporate and over 400 operational employees.

The total return objective of the Fund is to generate a 15% net IRR on a pre-tax basis, with an annualized distribution yield of 4% to 5%, which includes the allocation to unitholders of U.S. taxes paid by the Fund, paid quarterly.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities of the Fund in the United States, nor shall there be any sale of the securities of the Fund in any jurisdiction in which such offer, solicitation or sale would be unlawful.  The securities described herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "1933 Act"), or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the 1933 Act and applicable state securities laws.

This press release contains forward-looking statements. There can be no assurance that forward-looking statements will prove to be accurate, as actual results, performance and future events could differ materially from those anticipated in such statements.  Accordingly, readers should not place undue reliance on forward-looking statements.

A preliminary prospectus containing important information relating to these securities has been filed with securities commissions or similar authorities in certain jurisdictions of Canada. The preliminary prospectus is still subject to completion or amendment. Copies of the preliminary prospectus may be obtained from any of the Agents named above. There will not be any sale or any acceptance of an offer to buy the securities until a receipt for the final prospectus has been issued. 

SOURCE: Timbercreek U.S. Multi-Residential Opportunity Fund #1

For further information:

Timbercreek Asset Management Inc.
Carrie Morris
Managing Director, Capital Markets & Corporate Communications 
416-800-1552
cmorris@timbercreek.com

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Timbercreek U.S. Multi-Residential Opportunity Fund #1

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