Plaza Retail REIT to Invest $21,000,000 in Fourteen Projects

− Development projects to add 97,000 square feet of retail space to Plaza’s portfolio −

FREDERICTON, NB, Sept. 21, 2016 /CNW/ – Plaza Retail REIT (PLZ.UN: TSX) (“Plaza” or the “REIT”) today announced it will invest approximately $21,000,000 (at Plaza’s ownership percentage) in fourteen projects in Atlantic Canada, Quebec and Ontario. The projects are comprised of: (i) a newly acquired ground-up project, (ii) a newly acquired redevelopment, (iii) six redevelopments of existing properties and (iv) six expansions of existing properties.  Plaza expects to add approximately 97,000 square feet to its portfolio (at Plaza’s ownership percentage) through these projects, three of which are being developed with joint venture partners.  Details on the projects are found in Appendix “A”.

“We continue to grow and enhance our portfolio through high quality developments and re-developments that are leased to some of Canada’s most prominent retailers. Our proven ability to develop new ground-up projects, as well as redevelop and expand newly acquired and existing assets, distinguishes Plaza from most other public real estate entities competing to acquire existing or finished properties,” said Michael Zakuta, President and CEO.  “Upon completion, these projects will further diversify our asset base and increase our cash flows, building value for our unitholders.”

About Plaza
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 297 properties totaling approximately 7.6 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