Timbercreek Asset Management Purchases a 112 Suite Building in DowntownMontreal $5.7 million purchase increases Timbercreek’s presence in Montreal, QC

March 2005, Toronto, ON – Timbercreek Asset Management ispleased to announce the purchase of 105 Milton Street, in Montreal, QC. Thistwelve-storey, fully occupied, 112-unit rental apartment building consists of86 bachelor units, 4 studio units, 21 one-bedrooms and 1 two-bedroom, with anoverall average rent per suite of $630 per month, The acquisition of 105 Miltonincreases Timbercreek holdings in Montreal to 202 suite, approximately 5% of theportfolio.

Overall the acquisition increased the Timbercreek portfolioof exclusively multi-family real estate assets to 1806 suites, diversifiedacross 5 cities, with an approximate market value of $130 million.

The acquisition price equates to approximately $50,555 perunit, which will generate initial equity yields of 13.5%. The acquisition isscheduled to close on March 15^th, 2005.

Constructed in 1964, 105 Milton Street is extremely welllocated in the area of Montreal known as Plateau Mont-Royal. The building issituated at the northwest corner of Saint Urbain Street, within walkingdistance of downtown Montreal. The surrounding area features theatres,restaurants, clubs and designer boutiques. In addition, it is in closeproximity to McGill University and UQAM, which benefits the assets as much ofthe surrounding area is filled with a growing student population. The propertyis also within walking distance of 450 Sherbrooke East, an existing Timbercreekasset.

Timbercreek has been actively looking to add to its holdingin Montreal since acquiring 450 Sherbrooke in 2003. “We are big believers inthe Montreal marketplace going forward, and have been actively bidding on anumber of assets over the past 12 months. We are very pleased to have been ableto acquire a quality asset at a price that is accretive to the portfolio as awhole.” says Ugo Bizzarri, Timbercreek’s Vice-President of Acquisitions.

Overall, this property offers an excellent investmentopportunity located in a prime location, with income stability, potential forsubstantial capital appreciation and opportunity to enhance the existingportfolio. This property fits into Timbercreek’s long term strategy of buildinga well located and diversified Montreal portfolio.

Timbercreek Asset Management was incorporated to identify,invest and capitalize on under-performing multi-family residential real estateassets in North America. Timbercreek is a value-oriented asset manager thatprovides high net worth individuals and institutions with the combination ofstable annual cash distributions and long term capital appreciation, in a taxefficient manner.

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