OCTOBER 25, 2006. TORONTO, ONT. –Timbercreek REIT has announced that it will be offering Class A REIT units at$10.98 per unit for gross proceeds of approximately $10 million. The offeringis scheduled to close on November 27, 2006. Units will be issued underexemptions from the registration and prospectus requirements of the applicablesecurities laws in some or all of the Provinces of British Columbia, Alberta,Saskatchewan, Manitoba, Ontario and Quebec.

Proceedsfrom this offering will be used to repay existing indebtedness incurred underthe REIT's operating facility drawn in connection with recent acquisitions, tofund future real property acquisitions and for general trust purposes. For moreinformation on how to participate in the November 27 closing, please contactCarrie Morris – Investor Relations (cmorris@timbercreekfunds.com)

TimbercreekAsset Management Inc. (“TAMI”) is one of Canada’s fastest growing alternativeasset class investment managers. TAMI has a value oriented investmentphilosophy, and specializes in providing conservatively managed, risk adverseprivate investment opportunities to institutions, trusts and endowment funds,discretionary investment advisors and qualified individuals. Timbercreek AssetManagement Inc. is the exclusive asset manager for Timbercreek Investments Inc.and Timbercreek REIT, which collectively own a portfolio of multi-family realestate with a total asset value of approximately $250 million.

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