03:17 PM EDT, 07/10/2024 (MT Newswires) -- Timbercreek Financial ( TBCRF ) , an alternative asset class investment manager, on Wednesday announced that Timbercreek Alternatives LP, a subsidiary of Timbercreek Capital, and Aspen Properties have entered into a joint venture to form 1 Palliser Square LP, which intends to complete a private placement offering of up to 3 million Series A units, Series C units and Series F units at an initial offering price of $10 per Unit.

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

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.

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