Toronto Stock Exchange: TMC
TORONTO, Dec. 18 /CNW/ - Timbercreek Mortgage Investment Corporation (the "Fund") is pleased to announce today that it has completed the previously announced transaction involving the purchase of the assets of Canadian Residential Retirement Corporation ("CRRIC") in exchange for class A shares of the Fund ("Class A Shares") (the "Transaction"). The CRRIC assets, which are comprised of both mortgages secured by residential retirement and long term care properties and cash, were acquired for a total consideration of 1,614,556 Class A Shares issued at $10 per Class A Share.
This Transaction brings the Fund's total net asset value to $69,603,225. Andrew Jones, Chief Credit Officer of Timbercreek Asset Management Inc., manager of the Fund, states that "this transaction is an excellent opportunity for the Fund to further diversify the portfolio geographically and is in-line with the Fund's strategy to focus on investing in high quality, income-producing loans".
About the Fund
The Fund provides investors with an opportunity to receive attractive yields by investing indirectly, through holding shares of the Fund, in mortgage loan investments selected and determined to be high quality by its manager, Timbercreek Asset Management Inc. The investment objective of the Fund is, with a primary focus on capital preservation, to acquire and maintain a diversified portfolio of mortgage loan investments that generates attractive, stable returns in order to permit the Fund to pay monthly distributions to its shareholders.
SOURCE Timbercreek Mortgage Investment Corporation
For further information: For further information: Timbercreek Asset Management Inc., Carrie Morris, Investor Relations, (416) 306-9967 x250, firstname.lastname@example.org