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Timbercreek Acquires Assets In Calgary, Alberta

12/08/2010

December 9, 2010. Toronto, ON.  – Timbercreek Asset Management (“Timbercreek”) is pleased to announce that, on behalf of one of, (the “Buyer”) it has completed the acquisition of Bromley Square in Calgary, Alberta (“Bromley Square”). Bromley Square consists of 359 multi-residential units as well as 60,000 square feet of commercial/retail space for a total consideration of $82.5 million. This transaction brings the total portfolio of multi-residential real estate managed by Timbercreek to approximately 10,000 units with this acquisition being the first for Timbercreek in the Calgary market.

The Buyer is an institutionally funded limited partnership focused on creating value from distressed multi-residential assets in Canada.  As the Fund’s General Partner, Timbercreek is mandated to source assets, the values of which have been impaired by prior mismanagement, economic dislocation and other market inefficiencies and subsequently, through its active management approach, reposition and enhance these assets in order to maximize IRRs and the return of partner capital.

Timbercreek is a specialized investment manager focused on real estate and other alternative asset classes. Timbercreek 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. Timbercreek currently manages approximately $1.4 billion in assets through its seven active funds, predominately focused in the real estate sector. Timbercreek 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.  

Contact Us:

Timbercreek Asset Management
1000 Yonge Street, Suite 500, Toronto, Ontario, Canada M4W 2K2

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