TIMBERCREEKASSET MANAGEMENT CONTINUES MONTREAL GROWTH

AUGUST 20, 2007 –TORONTO, ON.–

Timbercreek Asset Management Inc.(“TAMI”) on behalf of Timbercreek Real Estate Investment Trust (“TREIT”) ispleased to announce the acquisition of The Summit and Ville St. Jean, locatedat 4020 St. Jean Blvd and 4150 St. Jean Blvd / 51 Hastings respectively, inDollard-Des-Ormeaux, Quebec. TAMI is also pleased to announce a third purchaseof Carrefour Victoria, located at 222 Rue Woodstock, in St. Lambert, Quebec.The mentioned buildings were purchased as a portfolio for a total of$45,000,000.

The buildings located inDollard-Des-Ormeaux are comprised of a three building portfolio, with all buildingslocated within one kilometer of each other. The buildings house 289 apartmentrental units, with a healthy mix of bachelor, studio, one, two and threebedroom units. The buildings were built circa 1970’s. Dollard-Des-Ormeaux is agrowing suburb of the city of Montreal, and is located a short 20 minute drive fromthe downtown core. In addition to these, the acquisition in St.Lambert consistsof a 227 rental unit building, accompanied by commercial tenants located on themain floor of the building. The building is located minutes away from thedowntown core of Montreal, directly across the St. Lawrence River. This acquisitionincreases TREIT’s total Montreal and surrounding area portfolio to 1751 unitsspread across 14 buildings.

“The acquisition of thisportfolio strengthens Timbercreek’s position as a leader in the MontrealMulti-Residential real estate market. “It presents Timbercreek with anopportunity to acquire buildings in a desirable market, and reposition thebuildings with better management and improved facilities” comments Ugo Bizzarri,Timbercreek’s CFO and Executive VP of Acquisitions.

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 multi-family real estate with a total assetvalue of approximately $495 million.

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