Timbercreek expands debt platform

Audrey Howe has joined the Canadian firm to help manage the expansion of its real estate debt platform.

Canadian-based real estate investor Timbercreek Asset Management has hired fund manager Audrey Howe, as the firm expands its debt platform to target longer-term investors, it said in a statement on Tuesday.

Howe, with more than 30 years’ experience in fund management and financial services in the real estate sector, will join Timbercreek as senior vice-president to manage the initiative. She will report to Andrew Jones, managing director of debt investments at Timbercreek.

The investment platform will focus on longer-term Canadian commercial mortgages and other related debt instruments. Fixed-income funds focused on longer-term debt appeal to institutional investors such as pension plans looking to de-risk their portfolios and match their future liabilities, the firm said.

Commenting on the move, Jones said: “This represents yet another extension of Timbercreek's proficiency and expertise in Canadian real estate and extends the breadth of our portfolio to take advantage of a large and stable market.”

Howe said: “We anticipate increased interest in quantifiable-outcome investments such as these, as investors seek effective long-term strategies to meet future cash-flow needs. As Canadian pensions continue to re-evaluate their exposure to different asset allocations, Timbercreek's new platform will deliver against increased interest in alternative long-term de-risking solutions.”

Howe, most recently president and director of ACM Advisors, a private fund management company, was also a founder and managing director of TerraCan Capital, a private real estate venture company in structured real estate syndications, joint ventures as well as senior and junior participating mortgages. Previoulsy, she was also a vice president of the corporate real estate group for Citibank Canada.

Timbercreek invests, owns and manages real estate assets with a platform that enables them to invest in both public and private equity and debt. Its lending service spans investments in Canada, the US and the UK and the firm currently has $800 million in private debt AUM.