TORONTO, Sept. 14, 2018 (GLOBE NEWSWIRE) -- Timbercreek U.S. Multi-Residential Opportunity Fund #1 (the "Fund") today provided an update on its previously announced wind-up (the "Wind-up").
As previously disclosed, after having successfully concluded its investment purpose, in November 2017 the Fund applied (the "Application") 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 "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 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.
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 www.timbercreek.com.
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 , 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.
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