Timbercreek Real Estate Investment Trust (the "Fund") announces a proposed
transaction to sell all of the outstanding units of the Fund

TORONTO, Aug. 4 /CNW/ - Timbercreek Real Estate Investment Trust (the "Fund") announced that it has entered into a definitive arrangement agreement with Restier Limited Partnership (the "Purchaser") that provides for the acquisition of all of the outstanding units of the Fund by the Purchaser (the "Proposed Transaction") in exchange for an aggregate net cash payment to unitholders of $182,715,328.65 (the "Net Consideration"). The Net Consideration equates to a gross transaction price per unit of $14.45.

Previously on June 3, Timbercreek Asset Management Inc. (the "Manager") announced that it had received an expression of interest from a Canadian institutional investor to explore a potential arrangement with the Fund. At that time, the board of trustees of the Fund (the "Board") appointed a special committee of independent trustees (the "Special Committee") to consider the expression of interest. Based on the Special Committee's recommendation, which was further supported by a fairness opinion issued by Grant Thornton LLP, the Board has unanimously determined that the Proposed Transaction is fair to unitholders and is in the best interest of the Fund's unitholders. Accordingly the Board has approved the Proposed Transaction and unanimously recommended that unitholders vote in favour of the Proposed Transaction.

The Board has called an Annual and Special meeting of unitholders (the "Meeting") to be held at 9 a.m. (Toronto time) on August 18, 2010 at the Park Hyatt Toronto, located at 4 Avenue Rd, Toronto, Ontario. At the Meeting, apart from attending to annual meeting matters, the unitholders will be asked to consider and if appropriate, to approve an arrangement to give effect to the Proposed Transaction. The notice of annual and special meeting and management proxy circular has been mailed to all registered unitholders of the Fund (the "Meeting Package"). Unitholders can also request an additional copy of the Meeting Package by calling 416-306-9967 x250 or by emailing inquiries@timbercreekfunds.com.

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, cmorris@timbercreekfunds.com

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Timbercreek Asset Management Inc.

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