TORONTO, April 16, 2012 /CNW/ - Timbercreek Global Real Estate Fund (the "Fund") is pleased to announce that it has filed and received a receipt for its amended and restated preliminary prospectus dated April 12, 2012. The preliminary prospectus qualifies the distribution (the "Offering") of class A units and class B units of the Fund (collectively the "Units"). This is the second new issue since the initial public offering that was completed on August 26, 2010 for gross proceeds of approximately $64.5 million.
The Fund, which is managed by Timbercreek Asset Management Ltd. (the "Manager"), was established to invest in a globally diversified 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, the 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 $1.9 billion in real estate-related assets, including direct ownership and mortgages.
The syndicate of agents is co-led by Raymond James Ltd., BMO Capital Markets and TD Securities Inc. and includes 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").
A preliminary prospectus containing important information relating to these securities has been filed with the securities commission or other authorities in certain jurisdictions of Canada. The preliminary prospectus with respect to the Offering remains subject to completion or amendment. Copies of the preliminary prospectus may be obtained from any one of the Agents listed 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.
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 Ltd.