TIMBERCREEK ASSET MANAGEMENT CONTINUES GROWTH IN QUEBEC

TORNOTO, ON – June 4, 2007:

TimbercreekAsset Management Inc. (“Timbercreek”) is pleased to announce on behalf ofTimbercreek Real Estate Investment Trust (TREIT), the acquisition of 4450-4452 desSources Dollard-Des-Ormeaux. The two properties 4450 des Sources Boulevard and4452 des Sources Boulevard were purchased for $8,775,000.

Theborough of Dollard-des-Ormeaux is close to the Montréal metropolis and endowedwith many parks, both regional and municipal. Dollard-des-Ormeaux offers itsresidents the best of country charm and city dwelling. It is primarily aresidential suburb of Montréal geared to young families, with a Civic Centrethat houses the Town Hall, an art gallery, a reception hall, a cultural centreand a library. There is also a sports complex with three skating rinks, a gymand two indoor swimming pools an indoor market of specialty food shops andCentennial Park. Centennial Park is a recreational area built surrounding anartificial lake where residents have access to hiking, cycling and studyingnature in warmer months, and tobogganing, skating and cross-country skiing inthe winter months.

“Overall,this property offers an excellent investment opportunity located in a goodrental location, with income stability, and opportunity to enhance currentyield with effective management” says Ugo Bizzarri, CFO and Executive VicePresident of Acquisitions for Timbercreek.

Theproperty consists of 28 bachelor suites, 78 one-bedroom suites and 56two-bedroom suites. The additional 162 suites bring Timbercreek’s total unitsfor the Montreal Metropolitan Area to 847. 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