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Timbercreek Asset Management Inc. announces Private Placement Financing of Timbercreek REIT

06/16/2009

TORONTO, June 16 /CNW/ - Timbercreek Asset Management Inc. (the "TAMI") is pleased to announce that over the last 60 days it has raised gross proceeds of approximately $20.5 million for Timbercreek Real Estate Investment Trust (the "Timbercreek REIT") through the private placement of Timbercreek REIT Class A Units. This financing included a syndicated offering co-lead by Manulife Securities Incorporated and Raymond James Ltd. for gross proceeds of approximately $13.1 million. Proceeds raised will be used to fund Timbercreek REIT's on-going acquisition program. Timbercreek REIT, managed by TAMI, is a private, unincorporated, open-end investment trust which was formed to capitalize on under-performing, multi-residential real estate in North America. The corner stone of the Fund's investment philosophy is to deliver long-term value to investors while providing a steady stream of predictable income and preserving investors' capital. Timbercreek REIT currently owns approximately 5100 multi-residential units across 8 Canadian cities. TAMI is one of Canada's fastest growing alternative asset class investment managers. TAMI has a value oriented investment philosophy with an active management style, and specializes in providing conservatively managed, risk adverse investment opportunities to institutions, trusts and endowment funds, discretionary investment advisors and qualified individuals. TAMI currently manages approximately $830 million in assets through its four active funds, predominately focused in the real estate sector. TAMI believes that attractive investment returns are achieved by directly controlling the management of investments and has therefore established a full service property management platform to internally manage all direct real estate investments made through its funds

For further information: Timbercreek Asset Management Inc., Carrie Morris, Director, Investor Relations, (416) 306-9967 x250, cmorris@timbercreekfunds.com

				
	

	

	    
	        
       
	             
	    		
	





			












    











    
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