NOVEMBER23, 2007. TORONTO, ONT. –  Timbercreek Asset Management Inc. (“TAMI”)announced today, on behalf of Timbercreek Investments Inc. (“TII”), that TIIwill hold a special meeting of TII preferred shareholders and TII debentureholders(together the “TII Securityholders”) on December 14, 2007 for the purpose ofvoting on a proposed merger with Timbercreek Real Estate Investment Trust (“TREIT”).

TII is to be acquiredby TREIT pursuant to a plan of arrangement (the “Arrangement”) in which caseall outstanding shares of TII preferred stock will be converted into the rightto receive cash or into Timbercreek REIT Units at the option of the shareholderand outstanding debentures of TII will be converted into the right to receivecash or Timbercreek Investments LP (“TILP”) Units at the option of thedebentureholder. TILP was formed to provide the debentureholders an opportunityto defer a tax obligation that will be generated based on the sale of thedebentures. This special meeting of TII Securityholders will be held at 10a.m., local time, at the office of McCarthy Tetrault LLP, suite 4700, TorontoDominion Bank Tower, Toronto, Ontario, on Friday December 14, 2007. TII Securityholdersof record as of November 22, 2007 will be entitled to vote at the special meeting.The definitive proxy statement regarding the Arrangement, together with a proxycard and notice of the special meeting, has been mailed to all TIISecurityholders. Completion of the transaction is subject to the approval ofthe merger by the Company's stockholders at the special meeting.

Timbercreek AssetManagement Inc. (“TAMI”) is one of Canada’s fastest growing alternative assetclass investment managers. TAMI has a value oriented investment philosophy, andspecializes in providing conservatively managed, risk adverse privateinvestment opportunities to institutions, trusts and endowment funds, discretionaryinvestment advisors and qualified individuals. Timbercreek Asset ManagementInc. is the exclusive asset manager for Timbercreek Investments Inc. andTimbercreek REIT, which collectively own a portfolio of multi-family real estatewith a total asset value of approximately $700 million.  

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