TORONTO, June 16 /CNW/ - Timbercreek Asset Management Inc. (the "TAMI")
is pleased to announce that over the last 60 days it has raised gross proceeds
of approximately $20.5 million for Timbercreek Real Estate Investment Trust
(the "Timbercreek REIT") through the private placement of Timbercreek REIT
Class A Units. This financing included a syndicated offering co-lead by
Manulife Securities Incorporated and Raymond James Ltd. for gross proceeds of
approximately $13.1 million. Proceeds raised will be used to fund Timbercreek
REIT's on-going acquisition program.
Timbercreek REIT, managed by TAMI, is a private, unincorporated, open-end
investment trust which was formed to capitalize on under-performing,
multi-residential real estate in North America. The corner stone of the Fund's
investment philosophy is to deliver long-term value to investors while
providing a steady stream of predictable income and preserving investors'
capital. Timbercreek REIT currently owns approximately 5100 multi-residential
units across 8 Canadian cities.
TAMI is one of Canada's fastest growing alternative asset class
investment managers. TAMI has a value oriented investment philosophy with an
active management style, and specializes in providing conservatively managed,
risk adverse investment opportunities to institutions, trusts and endowment
funds, discretionary investment advisors and qualified individuals. TAMI
currently manages approximately $830 million in assets through its four active
funds, predominately focused in the real estate sector. TAMI believes that
attractive investment returns are achieved by directly controlling the
management of investments and has therefore established a full service
property management platform to internally manage all direct real estate
investments made through its funds.
For further information:
For further information: Timbercreek Asset Management Inc., Carrie
Morris, Director, Investor Relations, (416) 306-9967 x250,