TimbercreekAsset Management uses Real Estate to Generate Stable Returns for Investors

$35.2million invested in Halifax Portfolio 

APRIL 20, 2006. TORONTO, ONT. –Timbercreek Asset Management Inc. (“TAMI”) announced today that it hascompleted the acquisition of 9 apartment buildings in the Halifax RegionalMunicipality (“HRM”) of Nova Scotia. This $35.2 million acquisition bringsTimbercreek’s portfolio of exclusively multi-family real estate to over 3,050units with a book value $213 million.The portfolio consists of 623 units for atotal consideration of approximately $35,200,000 or $56,500. TimbercreekInvestments Inc. and Timbercreek REIT have each purchased a 50% stake in theportfolio.

The portfolio is extremely welllocated across the HRM. As the largest city and economic centre on the eastcoast, as well as the home of six degree-granting institutions, Halifax has adiverse multi-residential market. Halifax also benefits from extensive offshoreOil and Gas Exploration and Development and is home to the most recent ResearchIn Motion Ltd. technical support centre. A recent Globe and Mail articlesuggested that “Halifax … will enjoy a sales and development boom” due toincreased demand for industrial land near sea ports. Ray Wong, nationaldirector of research at CB Richard Ellis was quoted as saying, “… to move goodsin and out of ports, you need lots of industrial [land] nearby … that is greatnews for Halifax”.

“The transaction diversifies thetotal portfolio geographically and economically and allows Timbercreek toinvest in a strong market without any infrastructure drag,” commented UgoBizzarri, CFO and VP Acquisitions. “This acquisition ultimately fits intoTimbercreek’s long term strategy of building a well located and diversified Canadianportfolio,”

Timbercreek Asset Management Inc.(“TAMI”) is one of Canada’s fastest growing alternative asset class investmentmanagers. TAMI has a value oriented investment philosophy, and specializes inproviding conservatively managed, risk adverse private investment opportunitiesto institutions, trusts and endowment funds, discretionary investment advisorsand qualified individuals. Timbercreek Asset Management Inc. is the exclusiveasset manager for Timbercreek Investments Inc. and Timbercreek REIT, whichcollectively own a portfolio of mulit-family real estate with a total assetvalue of approximately $213.9 million.

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