TORONTO, May 7, 2012 /CNW/ - Timbercreek Global Real Estate Fund (the "Fund") announced today that it has completed its public offering of 1,429,716 class A units and 92,000 class B units (the "Units") for aggregate gross proceeds of $18.8 million. The Units were offered to the public by a syndicate of agents co-led by Raymond James Ltd., BMO Capital Markets and TD Securities Inc. and included CIBC World Markets Inc., GMP Securities L.P., RBC Capital Markets, Manulife Securities Incorporated, National Bank Financial Inc., Scotia Capital Inc., Canaccord Genuity Corp. and Macquarie Capital Markets Canada Ltd. (collectively, the "Agents").
The Fund, which is managed by Timbercreek Asset Management Ltd. (the "Manager"), was established to invest in a globally diversified portfolio (the "Portfolio") of premier real estate securities including common equity, preferred shares and debt of both public and private real estate investment trusts and real estate companies in Canada, the United States, United Kingdom, Continental Europe, Japan, Australia, Hong Kong, Singapore and other countries.
The Fund's investment objectives are to provide holders of Units ("Unitholders") with quarterly distributions currently targeted to be $0.21 per Unit ($0.84 per annum) until the next annual determination in March 2013; and preserve capital while providing the opportunity for long-term capital appreciation for Unitholders.
The Manager, a wholly owned subsidiary of Timbercreek Asset Management Inc., is an investment management company that employs a conservative and risk-averse approach to real estate-based investments. The Manager and its affiliates currently manage approximately $2 billion in real estate-related assets, including direct ownership and mortgages.
Certain statements included in this news release constitute forward-looking statements, including, but not limited to, those identified by the expressions "expect", "intend", "will" and similar expressions to the extent they relate to the Fund. The forward-looking statements are not historical facts but reflect the Manager's current expectations regarding future results or events. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Although the Manager believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and, accordingly, readers are cautioned not to place undue reliance on such statements due to the inherent uncertainty therein. The Manager undertakes no obligation to update publicly or otherwise revise any forward-looking statement or information whether as a result of new information, future events or other such factors which affect this information, except as required by law.
This offering is only made by a prospectus dated April 27, 2012. The prospectus contains important information relating to these securities. Copies of the prospectus may be obtained from any of the Agents. Investors should read the prospectus before making an investment decision.
All capital terms noted herein but not defined are as per the prospectus dated April 27, 2012.
This press release does not constitute an offer to sell or the solicitation of an offer to buy securities of the Fund in the United States.
For further information:
Timbercreek Asset Management
Managing Director, Capital Markets & Corporate Communication