Timbercreek Files Final Prospectus for the Public Offering of Timbercreek U.S. Multi-Residential Opportunity Fund #1

Timbercreek U.S. Multi-Residential Opportunity Fund #1 announced that it has filed a final prospectus with the securities regulatory authorities in each of the provinces and territories of Canada, other than Quebec. A copy of the Prospectus is available on SEDAR (www.sedar.com). A receipt for the Prospectus was issued by the applicable securities regulatory authorities on April 30, 2013.
 
The Prospectus qualifies the distribution of up to $50 million of Class A Units and/or Class B Units (together with the Class A Units: the Units) of the Fund (the Offering) at a price of $10.57 per Class A Unit and $10.00 per Class B Unit. The Class B Units are available for investments of $20,000 or more. The Fund has not applied to list or quote the Units on any stock exchange.
 
Raymond James Ltd., CIBC and GMP Securities L.P., acting as co-lead agents for a syndicate including Manulife Securities Incorporated, National Bank Financial Inc., BMO Capital Markets, Canaccord Genuity Corp., Scotiabank, Dundee Securities Ltd. and Macquarie Capital Markets Canada Ltd. (together with the Lead Agents: the Agents) are marketing the Offering. Prospective purchasers may subscribe for such Units through one of the Agents.
 
Net proceeds from the Offering will be used to acquire multi-residential real estate assets located in the southeastern United States (the Properties) that are mispriced and/or undermanaged in the view of Timbercreek Asset Management Inc., who is the manager to the Fund (the Manager) and to repay a bridge financing to be incurred by the Fund to acquire certain Properties as more fully disclosed in the Prospectus.
 
The total return objective of the Fund is to generate a 15% net IRR (or average annualized total rate of return) on a pre-tax basis and net of all fees and expenses, inclusive of an annual distribution yield of 4% to 5% (which includes the allocation to unitholders of U.S. taxes paid by the Fund) paid quarterly.
 
The Manager is an investment management company that employs a conservative and risk-averse approach to real estate-based investments. The Manager and its affiliates currently manage approximately $3.2 billion in real estate related assets based on fair value, including direct real estate ownership (primarily multi-residential), mortgages and global real estate securities. The Manager employs a team of over 90 professionals located in its head office in Toronto with substantial experience in real estate acquisitions, disposals, financing and administration, property and asset management, construction and redevelopment, as well as over 350 people at its 14 additional offices across Canada.
 
Elco Landmark Residential Holdings, LLC (together with Elco Landmark Residential Management, LLC: collectively the Operator) provides operational and property management services to the Fund. The Operator is a Jupiter, Florida based private equity multi-residential real estate company, and is currently responsible for operating approximately 18,000 units across the southeastern United States and employs a dedicated team of 21 corporate and over 400 operational employees.

on May 1, 2013