Timbercreek Asset Management

Timbercreek Asset Management is a Canadian real estate company based in Toronto, Ontario. It has $7.5 billion in assets under management, through a number of affiliates, including one listed on the Toronto Stock Exchange.[1] As of August 2016, it owned 200 multi-residential properties worth $3.5 billion, making it the fifth-largest landlord in Canada.[2]

Timbercreek Asset Management
Private
IndustryReal Estate
Founded1999
Founder
  • Blair Tamblyn
  • Ugo Bizzarri
Headquarters
Toronto, Ontario
,
Canada
Key people
Blair Tamblyn (Chief executive officer)
Websitehttp://www.timbercreek.com/

History

Timbercreek Asset Management was founded in 1999 by Blair Tamblyn and Ugo Bizzarri.[2] Bizzarri had previously worked in the real estate group of the Ontario Teachers’ Pension Plan.[3]

In 2007, Timbercreek started its first multi-residential investment fund, raising money from institutional investors.[3] The fund eventually had a 20% internal rate of return.[4] It created another three funds in the following years; its third fund raised $100 million[3], while its fourth fund raised $200 million.[4]

In 2011, Timbercreek sold Timbercreek REIT, consisting of 5,112 apartment units, for $182 million, to a group of private equity investors led by Greystone Managed Investments.[5] Timbercreek continued to manage the units. In 2012, it bought 26 properties from Transglobe REIT, as part of that company's acquisition by Starlight Investments.[6]

In 2017, Timbercreek purchased six Calgary apartment buildings for $142 million.[7]

Business

Timbercreek specializes in buying, renovating, and managing multi-residential properties, both directly and on behalf of institutional investors. The general Timbercreek strategy is to buy old, dilapidated buildings. renovate them, and then increase the rent.[4] The company manages its properties through its property-management arm, Timbercreek Communities.[2] As of 2017, the company owned 21,000 units across Canada.[7]

Controversy

Timbercreek has been involved in a number of controversies in its role as landlord.

In 2016, Timbercreek evicted tenants from 80 units in Ottawa's Heron Gate neighbourhood, in order to re-develop the property.[8] In May 2018, it announced that it would evict residents of a further 150 townhomes, due to structural problems with the buildings.[9] This decision received substantial criticism from tenants and others, including the UN special rapporteur on the right to adequate housing.[10]

In 2014, there were protests over living conditions at one of the company North York buildings.[11] There have also been a number of other published complaints by tenants.[12][13]

Timbercreek Financial

Timbercreek Financial is a publicly traded affiliate of Timbercreek AM, listed on the Toronto Stock Exchange. It invests in mortgages for commercial borrowers, primarily for multi-residential properties. It is Canada's largest mortgage investment corporation, and manages over $1 billion in mortgages.[14]

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References
  1. "About Us". www.timbercreek.com. Retrieved 2018-03-10.
  2. "Multi-res prez sees growth ahead for Timbercreek". Real Estate News Exchange (RENX). 2016-08-11. Retrieved 2018-03-09.
  3. "Secret to raising funds". The Financial Post. 2011-08-16. Retrieved 9 March 2018.
  4. "Toronto's rental market reborn as housing prices surge out of reach for many". The Financial Post. 2015-02-26. Retrieved 9 March 2018.
  5. "Timbercreek REIT sold to private equity investors". The Globe and Mail. 2010-08-18. Retrieved 9 March 2018.
  6. "TransGlobe REIT privatized in $1-billion deal". 2012-04-26. Retrieved 9 March 2018.
  7. "Timbercreek buys six Calgary apartment buildings". RENX.ca. Retrieved 10 March 2018.
  8. "Heron Gate residents, developer sketch out community's future". CBC News. Retrieved 2018-03-10.
  9. "Builder accelerates evictions in Ottawa's Heron Gate neighbourhood as rebuild gathers pace". The Globe and Mail. 2018-05-10. Retrieved 2018-08-17.
  10. "Battle lines drawn in Heron Gate, where an evicted community doesn't plan on leaving". Ottawa Citizen. 2018-08-14. Retrieved 2018-08-17.
  11. "North York apartment residents protest over mold, cockroaches & security issues - CityNews Toronto". CityNews Toronto. 2014-11-29. Retrieved 2018-03-10.
  12. "Winnipeg apartment residents left sweltering in 'unhealthy situation' after air conditioning fails". CBC News. Retrieved 2018-03-10.
  13. "Hundreds of east end tenants receive eviction letters". Ottawa. 2012-08-14. Retrieved 2018-03-10.
  14. "The investors who bet on a real estate boom - and lost". The Globe and Mail. 2017-04-01. Retrieved 10 March 2018.
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