Timbercreek U.S. Multi-Residential Opportunity Fund #1 to be Wound-Up
TORONTO, Dec. 12, 2018 (GLOBE NEWSWIRE) — Timbercreek U.S. Multi-Residential Opportunity Fund #1 (the “Fund”) today announced that the Fund will be wound-up on December 21, 2018 (the “Wind-up”).
As previously disclosed, the Manager filed with the Internal Revenue Service of the United States (the “IRS”) in late October 2017 to carry-back a net operating loss, in order to obtain a refund of prior year federal income taxes paid. The loss carry-back request was processed and the refund amount is now available for distribution to the unitholders of the Fund. As such, the Manager will distribute the remaining net proceeds of the Fund on December 20, 2018 to unitholders of record on December 19, 2018, and complete the Wind-up.
The Fund expects the final distribution to be received by holders of (a) Class A units of the Fund to be approximately $0.15 per unit, (b) Class B units of the Fund to be approximately $0.07 per unit, and (c) Class C units of the Fund to be approximately $0.74 per unit. On completion of the Wind-up, all units of the Fund will be cancelled and any certificates representing such units will be null and void.
About the Fund
The Fund is a limited partnership governed by the laws of the Province of Ontario which was formed on August 30, 2012. The Fund was established for the primary purpose of acquiring multi-residential investment properties in the south-eastern United States that were mispriced and/or undermanaged in the view of Timbercreek Asset Management Inc., the Fund’s manager. The objectives of the Fund were to (i) enhance the value of the investment properties through active management and a stabilization and improvement program with the goal of ultimately disposing of the investment properties to generate significant gains and (ii) make quarterly cash distributions to Unitholders from distributable cash flow, as defined in the Fund’s prospectus dated April 29, 2013.
For more information on the Fund and Timbercreek Asset Management Inc., please visit
Timbercreek Asset Management
This news release may contain forward-looking statements (within the meaning of applicable securities laws) relating to the Fund. Forward-looking statements are identified by words such as “believe”, “anticipate”, “project”, “expect”, “intend”, “plan”, “will”, “may”, “estimate”, “pro-forma” and other similar expressions. These statements are based on the Fund’s expectations, estimates, forecasts and projections and include, without limitation, statements regarding the Wind-up. The forward-looking statements in this news release are based on certain assumptions, and they are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements. There can be no assurance that forward-looking statements will prove to be accurate as actual outcomes and results may differ materially from those expressed in these forward-looking statements. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, these forward-looking statements are made as of the date of this news release and, except as expressly required by applicable law, the Fund assumes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.