TORONTO, Aug. 18 /CNW/ - Timbercreek Real Estate Investment Trust ("the Fund") announced that unitholders approved an arrangement agreement to purchase all of the outstanding units of the Fund at the Annual and Special Meeting held earlier today. Unitholders who are not "Interested Unitholders" representing approximately 3.58 million units, or 95% of units voted at the meeting, voted in favour of the special resolution.
The units will be acquired by means of a Plan of Arrangement by the Restier Limited Partnership in exchange for an aggregate net cash payment of $182,715,328.65. This is equivalent to a gross price of $14.45 per unit, and represents an approximate 15 percent premium over the Net Asset Value of the Units on March 31, 2010, the last quarter end before the announcement of the acquisition proposal.
"We are pleased to have been able to deliver this significant value to unitholders," said Blair Tamblyn, CEO of the Fund. "This acquisition validates our strategy of investing in multi-family residential real estate for its ability to deliver stable and reliable cash distributions as well as capital appreciation."
The transaction is expected to close on or about August 24, 2010. In order for unitholders to receive payment for their units, they should complete and return the Letter of Transmittal included in their meeting package. Unitholders can request an additional copy by calling 416-306-9967 x250 or by emailing email@example.com.
About the Fund
Timbercreek Real Estate Investment Trust 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 metropolitan 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, firstname.lastname@example.org