FREDERICTON, March 18, 2015 /CNW/ – Plaza Retail REIT (PLZ.UN: TSX) announced today new projects since its last update, comprised of four new ground-up developments, three re-developments of former KEYreit properties and two expansions of existing properties. Three projects are located in Atlantic Canada, two in Quebec, three in Ontario and one in Alberta.
In all, Plaza will be investing approximately $18.2 million for its share of these new projects and expects to add approximately 101,300 square feet to its portfolio of retail properties (at Plaza’s ownership percentage). Four of the projects — one in Ontario, two in Quebec and one in Newfoundland — are being developed with joint venture partners.
“We are pleased to be able to continue to expand our portfolio by adding high quality development and re-development projects that are leased to Canada’s best retailers. Our ability to develop new ground-up projects, as well as re-develop and expand our existing assets, distinguishes Plaza from most other public real estate entities that are competing to acquire existing or finished properties. Upon completion, these properties will further diversify our asset base and allow us to continue to grow our cash flow and deliver reliable and growing distributions to our unitholders.” said Plaza’s President and CEO Michael Zakuta.
Plaza is an open-ended real estate investment trust and is a leading retail property owner and developer, particularly in Eastern Canada. Plaza’s current portfolio includes interests in 306 properties totaling approximately 6.6 million square feet across Canada and additional lands held for development. Plaza’s properties include a mix of strip plazas, stand-alone small box retail outlets and enclosed shopping centres, anchored by approximately 91% national tenants.
SOURCE Plaza Retail REIT