Tricon

TRICON XII

Tricon XII Limited Partnership is a dedicated Canadian fund with a target capitalization of $150 million and commitments to date of $140 million. Tricon XII is focused on providing capital for institutional quality high-rise condominium projects and master planned communities in Canada's fastest growing urban centres in conjunction with local development partners.

Tricon XII has been established to take advantage of 1) Tricon's time-tested residential investment strategy and proven track record; 2) Canada's strong resource-based economy and solid fundamentals in the housing sector including favourable demographic trends and robust immigration; 3) Tricon's dedicated developer network and its operating partners' ability to source attractive investment opportunities; and 4) the relative undercapitalization of the residential industry.

Tricon XII is targeting a gross internal rate of return of 18 percent and expects investments to range in size from $15 - $30 million.

A first close for Tricon XII of approximately $70 million was announced on March 24, 2011 and a second close of an additional $70 million was announced on June 15, 2011.