TORONTO, ON–(Marketwired – November 14, 2017) –
THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.
Timbercreek Asset Management Inc. (the “Company” or “Timbercreek”), together with Timbercreek Financial, is pleased to announce the reorganization, and expansion, of its debt investment team, including — among other changes — the expansion of the Canadian and U.S. debt origination teams and the creation of a dedicated debt asset management team. As part of the reorganization, Julie Neault, a long-standing senior team member within the Canadian origination team, will be promoted to Executive Director, Origination, leading the Canadian commercial debt investment team, reporting directly to Bradley Trotter, Global Head of Debt. Julie brings 20 years of strong commercial acumen, deep industry relationships and proven leadership skills having originated ~$4B over her career. In her new role Julie will be responsible for leading the Canadian Debt origination team, driving strong deal flow and developing new programs and products to meet market opportunities and investor returns. Furthermore, Andrew Jones, Senior Managing Director, Debt Investments will be stepping down as leader of the Canadian debt origination team, effective December 31, 2017. Andrew will remain on as both a consultant to Timbercreek's origination team, and as a member of the Board of Directors for Timbercreek Financial (TSX: TF).
“It has been a rewarding experience working with the team these past 10 years building the Timbercreek Canadian debt platform into what it is today — a +$1 billion, industry-recognized commercial real estate lender in Canada,” said Andrew Jones, Senior Managing Director, Debt Investments of the Company. “The debt investment team is deeper and more experienced than it's ever been, and I look forward to continuing to support this group during this next phase of growth.”
Bradley Trotter, Global Head of Debt, Timbercreek commented, “on behalf of the executive team, I would like to thank Andrew for his time, dedication and contribution over the past 10 years towards the growth of the Timbercreek debt platform. We are pleased to be able to continue working with Andrew in various capacities within Timbercreek and Timbercreek Financial.”
Additional organizational changes are as follows:
- Effective December 4, 2017, Yvonne McAndrew will join Timbercreek as Executive Director, Global Closing and Portfolio Servicing. Yvonne brings over 25 years of transactional and real estate experience to the team. Yvonne holds an LL.B with Honours from the University of Ottawa and has been a member of the Ontario bar since 1990 and British Columbia since 1998. Yvonne comes to Timbercreek from Wells Fargo where she most recently held the position of Senior Counsel. Yvonne's prior experience includes the role of Vice President and Operations Manager for GE Capital Real Estate Canada.
- Patrick Smith, currently Director, Debt Origination, will assume the role of Director, Debt Investments and will lead the newly created and dedicated underwriting team. Patrick brings 20 years of commercial, underwriting and leadership experience to the position.
- Brett Henderson, currently Senior Associate, Debt Origination, will be promoted to Associate Director, U.S. Originations, working alongside Bradley Trotter in the New York office. Brett has over 5 year's real estate experience with strong commercial and financial acumen and brings to the U.S. platform his years of experience working with the underwriting and investment teams at Timbercreek.
- Four additional senior positions are being added to the global team, including the Director of Global Asset Management role, for which a candidate search has commenced.
Mr. Trotter continues, “the addition of several new senior team members and the creation of new verticals within the Timbercreek debt investment platform will position us well for future growth, both in Canada and abroad. We remain committed to being an industry leader as an alternative lender within the Canadian commercial real estate sector and look forward to building out similar platforms in other markets”.
The following changes were also announced as it relates to the Timbercreek Financial senior management team:
- Effective immediately, Gigi Wong, currently CFO for Timbercreek, will assume the role of CFO for Timbercreek Financial, replacing interim CFO Craig Geier. Gigi brings 20+ years of experience in financial and taxation reporting, treasury and corporate finance to the role and has been the CFO for Timbercreek since June 2016.
- As previously disclosed in July 2017, Cameron Goodnough, President of Timbercreek Financial, will succeed Mr. Jones as the CEO of Timbercreek Financial effective January 1, 2018.
Timbercreek is an active investor, owner and manager of global real estate and related assets focused on delivering sustainable and growing returns to our investors. Through our various separately managed accounts, TSX-listed entities and private investments, we manage over $7 billion in assets on behalf of investors seeking compelling alternative asset class investments. Timbercreek employs a value-oriented investment philosophy, which is combined with an active, hands-on asset management style, to identify opportunities that will generate predictable and sustainable investment returns for our investors.
About Timbercreek Financial
Timbercreek Financial is a leading non-bank, commercial real estate lender providing shorter-duration, structured financing solutions to commercial real estate investors. Our sophisticated, service-oriented approach allows us to meet the needs of borrowers, including faster execution and more flexible terms that are not typically provided by Canadian financial institutions. By employing thorough underwriting, active management and strong governance, we are able to meet these needs while targeting strong risk-adjusted returns for investors.
This news release contains forward-looking statements about Timbercreek Financial. Forward-looking statements are typically identified by words such as “expect”, “is scheduled”, “anticipate”, “believe”, “foresee”, “could”, “intend”, “plan”, “seek”, “strive”, “will”, “may”, “potential” and “should” and similar expressions concerning matters that are not historical facts. By their nature, forward looking statements reflect the current views, beliefs, assumptions and intentions of the Company and its manager and are subject to certain risks and uncertainties, known and unknown, including, without limitation, 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.
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Neither the Toronto Stock Exchange nor its Regulation Services Provider (as that term is defined in policies of the Toronto Stock Exchange) accepts responsibility for the adequacy or accuracy of this release.
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