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, QCThe 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

For further information: Michael Zakuta, President and CEO, Tel: 514-457-0997 x228; Kim Sharpe, Director of Business Development, Tel: 506-357-7901

RELATED LINKS
http://www.plaza.ca

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