AUGUST 20, 2007 – TORONTO, ON. – Timbercreek Asset Management Inc. (“TAMI”) on behalf of Timbercreek Real Estate Investment Trust (“TREIT”) is pleased to announce the acquisition of the More Custom Homes Apartment portfolio, locatedin Windsor, Ontario. The acquisition consisted of 6 buildings, 

5 located in Windsor’s east-end, and 1 located in the city’s west-end. The total acquisition cost for the buildings was $10,300,000.

The portfolio consists of 244 units in total. There is a mix of one, two and three bedroom apartment rental units. The acquisition further enhances the Timbercreek brandas a well-known name in the Windsor Multi-Residential real estate market. This acquisition increases Timbercreek’s Windsor portfolio to 764 units across 14 buildings.

“The additionalassets in the Windsor area will not only increase our market share solidifying our position as the second largest landlord in the city, but we can also optimize our economies of scale to further benefit our operations”, comment John Sirilas, Timbercreek’s VP of Operations. Furthermore, “the current economic conditions in Windsor have made the city a very attractive location for those with a value-based investment philosophy to make an investment in multi-family real estate. The price per suite paid for these assets provides significant potential for growth as the economic picture rebounds over time in the Windsor area. In the interim, the income in place meets the return requirements of TREIT” says Ugo Bizzarri, Timbercreek’s CFO and Executive VP of Acquisitions.

Timbercreek AssetManagement Inc. (“TAMI”) is one of Canada’s fastest growing alternative asset class investment managers.

TAMI has a valueoriented investment philosophy, and specializes in providing conservatively managed, risk adverse private investment opportunities to institutions, trustsand endowment funds, discretionary investment advisors and qualified individuals. Timbercreek Asset Management Inc. is the exclusive asset managerfor Timbercreek Investments Inc. and Timbercreek REIT, which collectively own aportfolio of multi-family real estate with a total asset value of approximately $495 million.