1 Palliser Square Announces Private Placement of Trust Units

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TORONTO, July 10, 2024 (GLOBE NEWSWIRE) -- Timbercreek Alternatives LP, a subsidiary of Timbercreek Capital (“Timbercreek Alternatives” or the “Manager”) and Aspen Properties (“Aspen”) are pleased to announce they have entered into a joint venture to form 1 Palliser Square LP (the “LP”), which intends to complete a private placement offering of up to 3,000,000 Series A units (“Series A Units”), Series C units (“Series C Units”) and Series F units (“Series F Units”, and together with Series A Units and Series C Units, “Units”) at an initial offering price of $10.00 per Unit.

The LP intends to use net proceeds for the purchase of the Palliser One Office building for the purpose of converting approximately 418,000 SF of office into approximately 420 residential units and amenities. The Palliser One Office building is located next to the Calgary Tower in downtown, Calgary, Alberta.

The Trust has engaged Raymond James Ltd. and Canaccord Genuity Corp. (the “Lead Agents”) as co-lead agents and joint bookrunners on behalf of a syndicate of agents, which includes, iA Private Wealth Inc., Richardson Wealth Limited and Wellington-Altus Financial Inc. (collectively, the “Agents”) to offer for sale on a private placement basis up to a maximum of $30,000,000 of Series A Units and/or Series F Units at a price of $10.00 per Unit (the “Syndicated Offering”). Subscribers are required to purchase a minimum of 1,000 Series A Units, a minimum of 100,000 Series C Units or a minimum of 1,000 Series F Units, in the discretion of the Manager. No Series C Units will be sold through the Syndicated Offering.

It is expected that the closing date will be on or about September 10, 2024, or such other dates as the Manager and the Lead Agents may determine.

About Timbercreek

Founded in 1999, Timbercreek is one of Canada’s leading alternative asset class investment managers, focused on debt and equity investments in high-quality, value-add commercial real estate in Canada, the United States and Europe. Through active and direct investment, Timbercreek employs a thematic approach to deliver compelling risk-adjusted returns for their investors and partners, leveraging the diversified expertise and relationships of their highly experienced team to invest capital across a wide range of asset classes. Timbercreek’s team of 50+ investment professionals have extensive domain expertise in these markets and combine an entrepreneurial growth focus with institutional risk management. Since 2000, the Timbercreek team has deployed more than $18 billion in equity and debt investments focused on value-add real estate, on behalf of their broad range of capital partners. Timbercreek has offices in Toronto, Vancouver, Montreal, New York, Dallas and Dublin.

About Aspen

Aspen Properties is a fully integrated and privately held boutique real estate company with over 25 years of experience in owning and managing real estate in downtown Calgary and Edmonton. Driven by an entrepreneurial spirit, Aspen is committed to creating and delivering inspiring amenity-rich real estate with innovative technology and processes that help people thrive and contribute to the development and sustainability of the communities they serve. Together with their investment partners, Aspen Properties owns and manages approximately 4.25 million square feet of office space and nearly 3,800 parking spaces in downtown Calgary and Edmonton. Aspen’s portfolio is comprised of 15 buildings—eleven in Calgary, three in Edmonton and a development site in Calgary. 

​Disclaimers

This news release contains forward-looking statements within the meaning of that phrase under Canadian securities laws, including, but not limited to, the proposed use of proceeds from the offering. When used in this news release, the words “may”, “would”, “should”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect”, “objective” and similar expressions may be used to identify forward looking statements. By their nature, forward looking statements reflect the Company’s current views, beliefs, assumptions, and intentions and are subject to certain risks and uncertainties, known and unknown, including, without limitation, those risks disclosed in the Company's 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 Company does not intend to nor assumes any obligation to update these forward-looking statements whether as a result of new information, plans, events or otherwise, unless required by law.

CONTACT:

Timbercreek Alternatives
Fraser McEwen
President
fmcewenf@timbercreek.com
www.timbercreek.com

Aspen Properties
Scott Hutcheson
Executive Chair of the Board
rsh@aspenproperties.ca
www.aspenproperties.ca