Closed-end fund seeks to deploy over €300m (C$450m) into middle market transitional real estate loans in Ireland

November 1, 2024

Toronto, ON – Timbercreek Capital Inc. (“Timbercreek” or the “Company”), a leading alternative real estate investment manager, focused on providing transitional financing solutions to experienced real estate owners and investors, today announced the final close of Timbercreek Ireland Fund II (“TREF Ireland Fund II” or “the Fund”) at €123.5 million (C$185 million).

TREF Ireland Fund II is backed by a well-diversified, global investor base including the Ireland Strategic Investment Fund (“ISIF”), Alberta Investment Management Corporation (“AIMCo”), and other global institutional investors. The closed-end fund may recycle capital throughout its lifetime and will initially seek to deploy €300m (C$450m) into middle market transitional real estate loans in Ireland.

“AIMCo sees this as a great opportunity to invest in a market that has strong growth fundamentals and that provides geographic diversification to our mortgage investment portfolio,” said Sarah Esler, Managing Director, Head of Mortgage Investments, Alberta Investment Management Corporation. “We are excited to partner with Timbercreek Capital on this investment and believe it will deliver strong risk-adjusted returns for AIMCo’s clients.”

The Fund’s strategy is well-timed to capitalize on opportunistic lending at reset real estate values. The lack of supply for middle market transitional commercial and residential real estate loans creates the opportunity to provide very attractive risk-adjusted returns for investors. Timbercreek is particularly attracted to Ireland due to its strong economic performance and occupier demand that outpaces many major regions globally.

“We have been actively investing in Ireland for over seven years and with this continued support we are excited about the opportunity to build on the momentum and reputation the team based in Ireland has established,” said Blair Tamblyn, CEO of Timbercreek. “We are grateful to our investors who continue to support Timbercreek’s commitment to providing transitional real estate credit to exceptional commercial real estate managers in Ireland.”

Timbercreek’s global strategy is grounded in leveraging local experts, ensuring that while investors gain exposure to European markets, they are also tapping into the unmatched regional experience Timbercreek provides. The Company’s Dublin-based team has been actively investing in the region for over two decades, bringing deep expertise and insight into the nuances of the Irish real estate market. The team has a proven track record of success in structuring and managing debt capital solutions for real estate investors, particularly in the value-add and transitional sectors.

About Timbercreek Capital

Founded in 2000, Timbercreek is a leading real estate investment manager, 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 partners, leveraging the diversified expertise and relationships of their highly experienced team. Timbercreek’s team of 50+ investment professionals have extensive domain expertise in these markets and combine an entrepreneurial growth focus with institutional risk management. Timbercreek 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. Visit timbercreek.com to learn more.

For more information contact:
Kieran Lawler
LodeRock Advisors
416-303-0799
Kieran.lawler@loderockadvisors.com