TIMBERCREEK ASSET MANAGEMENT USES REAL ESTATE TO GENERATE STABLERETURN FOR INVESTORS

$14.9 million invested in London portfolio

SEPTEMBER1, 2005. TORONTO, ONT. – TimbercreekAsset Management Inc. (TAMI) is pleased to announce the purchase of ForwardProperties Ltd. and its portfolio of multi-family, residential suites in London,Ontario. The recent $15.5 million acquisition consists of 3 buildings bringingTimbercreek’s portfolio of exclusively multi-family real estate assets to over2100 units. Total market value of the portfolio has now reached approximately$151 million with the London properties representing 34%.

TheForward Properties portfolio consists of 238 units for a total consideration ofapproximately $15,540,000 or $65,294 per unit. Net of tax liabilities,Timbercreek Investments Inc. and Timbercreek REIT have both contribute 50% ofpurchase value. The portfolio is extremely well located within close proximityto London’s downtown core and also catering to the student population. Thelargest of the 3 buildings is currently located adjacent to an existing Timbercreekproperty allowing for improved property management efficiency and enhancing theopportunity to develop Timbercreek lands. The amalgamation was completed onSeptember 1, 2005.

Froman investment perspective, the acquisition decision was based on the excellentlocation, with income stability, and the opportunity to enhance existingportfolio. This acquisition fits into Timbercreek Asset Management’s long termstrategy of building a well located and diversified London portfolio.

TimbercreekAsset Management Inc. (TAMI) is the exclusive asset manager for TimbercreekInvestments Inc. and Timbercreek REIT. Both funds co-invest in a portfolio ofproperties with a total asset value of approximately $151 million. TAMI workson behalf of the two funds to source multi-family residential opportunities inNorth America and deploy experienced managers to oversee the operations ofthese properties. TAMI’s ultimate goal is to capitalize on marketinefficiencies by combining a service oriented focus with undervalued assets.