Plazacorp announces five new developments

FREDERICTON, NB, May 31 /CNW/ - Plazacorp Retail Properties Ltd. (PLZ:TSX Venture) announced today that it will develop five new retail properties. Two developments are located in Newfoundland, two in Ontario and one in Nova Scotia.

In all, the Corporation will be investing approximately $20.5 million for its share of these five new developments and will add approximately 147,000 square feet to Plazacorp's portfolio of retail properties. All five (5) projects are substantially leased to national retailers. The two Ontario projects and one Newfoundland project are being developed with joint venture partners. Plazacorp will own a 50% interest in the two Ontario projects. Plazacorp will own 90% of the Newfoundland joint venture project.

"We are pleased to be able to continue to grow our portfolio by developing high quality new projects that are leased to Canada's best retailers. These projects confirm our ability to source new development projects across a wide geography. Upon completion, these new properties will further diversify our asset base and allow us to continue to grow our cash flow and deliver a reliable dividend to our shareholders." said Plazacorp President and CEO Michael Zakuta.

Plazacorp Retail Properties Ltd. is an owner of shopping malls and strip plazas throughout Atlantic Canada, Quebec and Ontario. Plazacorp now owns interests in 102 properties comprising over 4.6 million square feet of retail real estate.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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For further information: on Plazacorp, visit our website at www.plaza.ca or contact: Michael Zakuta, President and CEO, [phone] x228; Kim Sharpe, Director of Business Development, [phone]