TORONTO, Aug. 25/CNW/ - Timbercreek Asset Management Inc. ("Timbercreek") announcedthat the sale of all of the outstanding units of the Timbercreek Real EstateInvestment Trust ("TREIT") to Restier LP was completed yesterday. Theunits were purchased pursuant to the previously announced Plan of Arrangementfor an aggregate net cash payment of $182,715,328.60,equivalent to a gross price of $14.45 per unit.

"The TREIT portfolio has exceeded its investment objective ofgenerating an annual yield of eight percent since its inception in 2004,"said Blair Tamblyn, President and CEO ofTimbercreek. "As well, steady growth in the underlying value of the assetscombined with Restier's offer of a 15 percent premium over the most recent toTREIT net asset value, has meant that unitholders have received significantvalue. The predictability of cash flow generated by the asset class continuesto attract increasing institutional interest. Institutional investors typicallyhave different investment objectives and criteria than broader-based retailinvestors do. We anticipate that Timbercreek will continue take advantage ofopportunities in the market to build institutional-quality real estateportfolios going forward."

The TREIT's assets consist of 5,112 units in 67 mid-size to large apartmentbuildings in eight Canadian cities. The assets will continue to be managed byTimbercreek on behalf of Restier. Including the TREIT portfolio, Timbercreekcurrently manages over 10,000 units in Ontario, Quebecand Nova Scotia.

About Timbercreek Asset Management

Timbercreek Asset Management Inc. is a specialized investment managerfocused on real estate and other alternative asset classes. Timbercreek wasfounded in 1999 and now manages approximately $1.2 billionin assets through its six private and public funds invested both in direct realestate (primarily multi-residential) and in mortgage debt.

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