Timbercreek Global Real Estate Fund

September 29, 2015 08:54 ET

Timbercreek Global Real Estate Fund Completes $13.6 Million Public Offering

TORONTO, ONTARIO--(Marketwired - Sept. 29, 2015) -


Timbercreek Global Real Estate Fund (TSX:TGF.UN) (the "Fund") is pleased to announce that it has closed its previously announced public offering of 966,000 Class A Units (the "Units") of the Fund. Total gross proceeds of the offering were $13,591,620. The syndicate of underwriters for the offering was co-led by CIBC and Raymond James Ltd., and included GMP Securities L.P., RBC Capital Markets, BMO Capital Markets, National Bank Financial Inc., Scotiabank, TD Securities Inc., Canaccord Genuity Corp., Manulife Securities Incorporated, Desjardins Securities Inc., Dundee Securities Ltd., Burgeonvest Bick Securities Ltd., Industrial Alliance Securities Inc. and Mackie Research Capital Corporation. The underwriters exercised, in full, the previously announced over-allotment option granted to them by the Fund.

The Units were offered at a price of $14.07 per Unit to yield 6.0% per annum on the issue price (based on the Fund's current distribution target).

The Fund's investment objectives are to provide holders of Units ("Unitholders") with quarterly distributions currently targeted to be $0.21 per Unit ($0.84 per annum) until the next annual determination in March 2016; and preserve capital while providing the opportunity for long-term capital appreciation for Unitholders.

Purchasers of Units pursuant to the offering are eligible to receive the Fund's third quarter distribution to be paid on October 15, 2015 to holders of Class A Units and Class B Units of record on September 30, 2015.

Certain statements included in this news release constitute forward-looking statements, including, but not limited to, those identified by the expressions "expect", "intend", "will" and similar expressions to the extent they relate to the Fund. The forward-looking statements are not historical facts but reflect the Manager's current expectations regarding future results or events. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Although the Manager believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and, accordingly, readers are cautioned not to place undue reliance on such statements due to the inherent uncertainty therein. The Manager undertakes no obligation to update publicly or otherwise revise any forward-looking statement or information whether as a result of new information, future events or other such factors which affect this information, except as required by law.

All capital terms noted herein but not defined are as per the Fund's final short form prospectus dated September 23, 2015.

This press release does not constitute an offer to sell or the solicitation of an offer to buy securities of the Fund in the United States.

About the Fund

The Fund invests in a diversified portfolio of prime real estate asset securities including common equity, preferred shares and debt of both private and public real estate investment trusts and real estate companies around the world. The Fund's investment objectives are to provide quarterly distributions to unitholders and preserve capital while providing the opportunity for long-term capital appreciation.

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