TIMBERCREEK INVESTMENTS PURCHASES $6.5 MILLION OF

REAL ESTATE IN DOWNTOWN MONTREAL

450 Sherbrooke East is Toronto-Based, TimbercreekInvestments

Most Recent Acquisition

September 2003. TORONTO, ONT. –Timbercreek Investments is pleased to announce the addition of a $6.5 million,81 suite building to its portfolio of real estate investments across Ontarioand Quebec. This recent acquisition in Montreal consists of a 17 story buildingin the downtown core of Montreal, located at the southwest corner of SherbrookeEast and Berri Streets. The Montreal acquisition brings the Timbercreek portfolioto 865 suites with an approximate value of $67 million.

Theacquisition consists of 81 residential suites for total consideration ofapproximately $6,500,000, or $80,250 per unit. The City of Montreal hasapproved construction of an additional 9 units. The acquisition closed onSeptember 16, 2003.

From an investment perspective, Timbercreek is thrilled to addMontreal real estate to the portfolio. Blair Tamblyn, Timbercreek’s Presidentsays: “We are big believers in the Montreal marketplace going forward. Thisbuilding in particular is located in a part of the City that we feel has astrong upside, and it fits our model of buying assets in key locationsthat have room for improvement in both rent and operating margins.”

Headds, “Architecturally, we believe that the building has a lot of character. Weintend to complete the work that the previous owner started, which involves acomplete internal renovation and upgrade of suites and common areas. We areconfident that over time, the building has the potential to become a primeaddress in the downtown core.”

Froma local perspective, the property is situated in a vibrant residential andentertainment district. Its proximity to restaurants, parks, transportation andthe financial core will be particularly attractive to discerning tenants.

TimbercreekInvestments was incorporated to identify, invest and capitalize onunder-performing multi-family residential real estate assets in North America.Timbercreek is a value-oriented private corporation that provides high networth individuals and institutions with the combination of stable annual cashdistribution and long-term capital appreciation, in a tax efficient manner.

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