â Development projects to add 103,000 square feet of retail space to the REIT portfolio, providing increased cash flows â
FREDERICTON, NB, Sept. 29, 2015 /CNW/ – Plaza Retail REIT (PLZ.UN: TSX) (“Plaza” or the “REIT”) today announced it will invest approximately $13 million (at Plaza’s ownership percentage) in eight projects. The projects are comprised of three newly acquired redevelopments, and five expansions of existing properties. Through these projects, Plaza expects to add approximately 103,000 square feet to its portfolio of retail properties (at Plaza’s ownership percentage). Five of the projects are being developed with joint venture partners.
“We continue to expand and enhance our portfolio through high quality development and re-development projects that are leased to some of Canada’s most prominent retailers. Our proven ability to develop new ground-up projects, redevelop newly acquired under-utilized assets, and redevelop and expand our existing assets, distinguishes Plaza from most other public real estate entities that are competing to acquire existing or finished properties,” said Michael Zakuta, President and CEO of Plaza Retail REIT. “Upon completion, these projects will further diversify our asset base and increase our cash flows.”
Plaza’s three new redevelopment projects are located in Midland, ON, Kenora, ON, and Sherbrooke, QC. The five expansions of existing properties are occurring at 201 Chain Lake Drive Plaza, Halifax, NS, 655 University Ave. Plaza, Charlottetown, PEI, Thorncliffe Plaza, Calgary, AB, Bureau En Gros Plaza, Rimouski, QC, and Northside Plaza, Fredericton, NB, and are being expanded by a total of 21,000 square feet. See Appendix “A” for further details.
About Plaza Retail REIT
Plaza is an open-ended real estate investment trust and is a leading retail property owner and developer, with a focus on Atlantic Canada, Quebec and Ontario. Plaza’s current portfolio includes interests in 306 properties totaling approximately 7 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.
Appendix A
|
Properties added |
Property |
Status |
Existing |
Sq. Ft. |
Ownership |
Occupied |
Anticipated |
|
Mountainview Mall, |
Enclosed |
In Planning |
331,046 |
160,000 |
20% |
50% |
Q3 2016 |
|
Kenora Shoppers |
Enclosed |
In Planning |
154,045 |
75,000 |
20% |
40% |
Q3 2016 |
|
600 JP Perrault, |
Single-Use |
In Planning |
83,646 |
83,646 |
50% |
n/a |
2017 |
|
201 Chain Lake Drive |
Strip Plaza |
In |
127,514 |
136,214 |
50% |
100% of |
Q3 2016 |
|
655 University Ave., |
Pad |
In |
26,043 |
28,065 |
100% |
100% of |
Q1 2016 |
|
Thorncliffe Plaza, |
Single-Use |
In |
11,296 |
14,096 |
100% |
100% |
Q3 2016 |
|
Bureau en Gros |
Strip Plaza |
In |
25,771 |
29,771 |
50% |
100% |
Q4 2015 |
|
Northside Plaza, |
Pad |
In |
25,122 |
28,522 |
100% |
n/a |
Q4 2016 |
|
Total |
784,483 |
555,314 |
|||||
(1) At 100% regardless of percentage ownership in the property.
SOURCE Plaza Retail REIT
