World News: 21:00 GMT Friday 14th September 2018. [Timbercreek Investment Management Inc. via Globe Newswire via SPi World News]
TORONTO, Sept. 14, 2018 (GLOBE NEWSWIRE) -- Timbercreek U.S. Multi-Residential Opportunity Fund #1 (the “”) today provided an update on its previously announced wind-up (the “”).
As previously disclosed, after having successfully concluded its investment purpose, in November 2017 the Fund applied (the “”) to cease to be a reporting issuer because, among other reasons, it had ceased carrying on business (other than for the purpose of effecting the Wind-up) and the Manager felt it was in the best interests of the unitholders that the Fund cease to be a reporting issuer and reduce its expenses accordingly.
The Manager filed an application for a tentative refund claim with the Internal Revenue Service of the United States (the “”) in late October 2017 to carry-back a net operating loss in order to obtain a refund of prior year federal income taxes paid to which the Fund may be entitled. The Fund continues to pursue the application and it is expected that the IRS will process the Fund’s application for a tentative refund claim in the third or fourth quarter of 2018, and although there can be no assurance that the IRS will make a determination in favour of the Fund, the Manager expects to distribute any remaining net proceeds, and complete the Wind-up promptly after a determination is made.
As previously disclosed, in connection with the Application, the Fund agreed with the applicable securities regulatory authorities that it will no longer consent to transfers of its securities. Investors are advised to contact their investment advisor, stockbroker, bank, trust company or other nominee if they have questions regarding the transferability of their securities.
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 www.timbercreek.com.
Timbercreek Asset Management Carrie Morris Investor Relations firstname.lastname@example.org
Globe Newswire: 21:00 GMT Friday 14th September 2018
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