2014

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

TORONTO, April 9, 2013 /CNW/ - Timbercreek U.S. Multi-Residential Opportunity Fund #1 (the "Fund") announced today that it has filed an amended and restated preliminary prospectus (the "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 9, 2013.

The Prospectus qualifies the distribution (the "Offering") of up to $50 million of Class A Units ("Class A Units") and/or Class B Units ("Class B Units" and, together with the Class A Units, the "Units") of the Fund.  The price per Class A Unit and Class B Unit have not yet been determined by the Fund.  The Class B Units are available for investments of $5 million or more.  The Fund has not applied to list or quote the Units on any stock exchange.

Raymond James Ltd., CIBC World Markets Inc. and GMP Securities L.P., acting as co-lead agents (the "Lead Agents") for a syndicate including Manulife Securities Incorporated, National Bank Financial Inc., BMO Nesbitt Burns Inc., Canaccord Genuity Corp., Scotia Capital Inc., Dundee Securities Ltd. and Macquarie Capital Markets Canada Ltd. (together with the Lead Agents, the "Agents") will commence marketing of 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").

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.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities of the Fund in the United States or any other jurisdiction, nor shall there be any sale of the securities of the Fund in any jurisdiction in which such offer, solicitation or sale would be unlawful.  The securities described herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "1933 Act"), or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the 1933 Act and applicable state securities laws.

Certain statements contained in this news release may contain projections and "forward looking

statements" within the meaning of that phrase under Canadian securities laws. When used in this new release, the words "may", "would", "should", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions may be used to identify forward looking statements. Those statements reflect the Fund's current views with respect to future events or conditions. By their nature, forward looking statements reflect management's current views, beliefs and assumptions and are subject to certain risks and uncertainties, known and unknown, including, without limitation, risks disclosed in the Prospectus and the Fund's other public filings. Many factors could cause actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by these forward looking statements. The Fund does not intend to nor assume any obligation to update these forward looking statements whether as a result of new information, plans, events or otherwise, unless required by law.

An amended and restated preliminary prospectus containing important information relating to these securities has been filed with securities commissions or similar authorities in certain jurisdictions of Canada. The amended and restated preliminary prospectus is still subject to completion or amendment. Copies of the amended and restated preliminary prospectus may be obtained from any of the Agents named above.  There will not be any sale or any acceptance of an offer to buy the securities until a receipt for the final prospectus has been issued. 

SOURCE Timbercreek U.S. Multi-Residential Opportunity Fund #1




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