Plaza Retail REIT to Invest $13 Million in 8 Projects

− Development projects to add 103,000 square feet of retail space to the REIT portfolio, providing increased cash flows −

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 to development/ redevelopment	Property Type	Status	Existing Sq. Ft.^(1)	Sq. Ft. Upon Completion^(1)	Ownership Interest	Occupied or Committed to Date	Anticipated Completion Date
Mountainview Mall, Midland, ON	Enclosed Mall to Strip Plaza	In Planning	331,046	160,000	20%	50% Existing/ 67% of Re- develop- ment	Q3 2016
Kenora Shoppers Mall, Kenora, ON	Enclosed Mall to Strip Plaza	In Planning	154,045	75,000	20%	40% Existing/ 67% of Re- develop- ment	Q3 2016
600 JP Perrault, Sherbrooke, QC	Single-Use to Strip Plaza	In Planning	83,646	83,646	50%	n/a	2017
201 Chain Lake Drive Plaza, Halifax, NS	Strip Plaza Expansion	In Development	127,514	136,214	50%	100% of Expansion	Q3 2016
655 University Ave., Charlottetown, PE	Pad	In Construction	26,043	28,065	100%	100% of Pad	Q1 2016
Thorncliffe Plaza, 5628 4th Street NW, Calgary, AB	Single-Use Expansion	In Development	11,296	14,096	100%	100%	Q3 2016
Bureau en Gros Plaza, Rimouski, QC	Strip Plaza Expansion	In Construction	25,771	29,771	50%	100%	Q4 2015
Northside Plaza, Fredericton, NB	Pad	In Development	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

Michael Zakuta, President and CEO, Tel: [phone] x228; Kim Sharpe, Director of Business Development, Tel: [phone]