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.

Appendix A
Properties added to development/ edevelopment	Property Type	Status	Sq. Ft. Upon Completion^(1)	Ownership Interest	Occupied or Committed to Date	Anticipated Completion Date
233 Main Street, Moncton, NB	Single-Use	In Planning	25,000	100%	100%	Q1 2018
Buchanan Dr. – Phase II, Charlottetown, PE	Pad	Completed	6,501	100%	100%	Q2 2016
960 Cole Harbour Rd., Dartmouth (Halifax), NS^(2)	Single-Use	In Construction	5,600	100%	100%	Q4 2016
315 Bd. Ste. Anne, Beauport, QC^(2)	Single-Use	In Construction	2,600	100%	100%	Q1 2017
St. Jerome – Phase II expansion, St. Jerome (Montreal), QC	Strip	In Construction	18,100	20%	100%	Q4 2016
Bureau en Gros Plaza, Rimouski, QC^(2)	Expansion	In Development	5,000	50%	100%	Q1 2017
9025 Torbram Rd., Brampton (GTA), ON^(2)	Expansion	In Planning	15,825	100%	100%	Q3 2018
190 Queen St. E., Brampton (GTA), ON^(2)	Single-Use	Completed	2,087	100%	100%	Q3 2016
2795 St. Joseph's Blvd., Orleans (Ottawa), ON^(2)	Single-Use	Completed	1,982	100%	100%	Q3 2016
Millidge Ave., Saint John, NB	Single-Use	In Construction	13,880	100%	100%	Q1 2017
9 James St., Antigonish, NS^(2)	Single-Use	In Construction	2,850	100%	100%	Q1 2017
Spencer Dr. Plaza, Charlottetown, PE	Pad	In Construction	4,150	100%	100%	Q1 2017
Central Avenue Plaza, Greenwood, NS	Pad	In Construction	1,920	100%	100%	Q1 2017
University Plaza, Charlottetown, PE^(2)	Expansion	In Development	10,000	86%	100%	Q2 2017
Total			115,495
^(1)At 100% regardless of percentage ownership in the property. ^(2)This is an existing property being redeveloped.

SOURCE Plaza Retail REIT

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