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

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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