Plazacorp announces exercise of convertible debentures over-allotment option

/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/

FREDERICTON, Nov. 13, 2013 /CNW/ - Plazacorp Retail Properties Ltd. ("Plazacorp" or the "Company") (TSX: PLZ) announced today that the underwriters of its recently completed bought deal public offering of (i) 9,400,000 common shares at a price of $4.25 per share for gross proceeds to the Company of $40 million and (ii) $30 million aggregate principal amount of 5.75% convertible unsecured subordinated debentures due December 31, 2018 (the "Debentures"), have provided notice of their intent to exercise a portion of their over-allotment option (the "Over-Allotment Option") to purchase an additional $4 million aggregate principal amount of Debentures at a price of $1,000 per Debenture. As previously announced, Plazacorp separately granted the underwriters an over-allotment option, exercisable in whole or in part up to 30 days after October 24, 2013, to purchase up to an additional 1,410,000 common shares to cover over-allotments, if any.

The closing of the Over-Allotment Option is expected to occur on November 15, 2013.  The Debentures and the common shares issuable on conversion of the Debentures were qualified by a short form prospectus dated October 17, 2013 and were underwritten by a syndicate of underwriters led by RBC Capital Markets.

ABOUT PLAZACORP

Plazacorp is a leading retail property owner and developer, particularly in Eastern Canada. Plazacorp has an entrepreneurial focus with strong "value-add" capabilities. Plazacorp's current portfolio includes interests in approximately 342 properties totaling approximately 6.6 million square feet across Canada and additional lands held for development. Plazacorp's properties include a mix of strip plazas, stand-alone small box retail outlets and enclosed shopping centres, anchored by approximately 90% national tenants. Total assets have reached almost $1 billion. Plazacorp is fully internalized, therefore providing shareholders directly with the synergies that come with an internalized management structure. Plazacorp has proven its strong "value-add" capabilities to develop, redevelop and acquire retail real estate throughout Canada. Plazacorp has a strong track record of generating growth in distributions, having increased its distributions twelve times over the past 11 years.

CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING STATEMENTS

All statements in this press release that do not relate to historical facts constitute forward-looking statements. Forward-looking statements used in this press release may contain words such as "may", "will", "should", "believe", "expect", "plan", "anticipate", "intend", "estimate", "predict", "potential", "continue", "future", or the negative of these terms or other similar expressions. Forward-looking statements in this press release, include, without limitation, statements regarding closing of the Over-Allotment Option. These statements represent Plazacorp's intentions, plans, expectations and beliefs and are subject to certain risks and uncertainties that could result in actual results differing materially from these forward-looking statements. These risks and uncertainties are more fully described in regulatory filings that can be obtained on SEDAR at www.sedar.com. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, other than as required by applicable law.

SOURCE: Plazacorp Retail Properties Ltd.

For further information:

Visit our website at: www.plaza.ca
Or contact: Michael Zakuta, President and Chief Executive Officer, at (514) 457-0997 or Floriana Cipollone, Chief Financial Officer, at (416) 848-4583

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Plazacorp Retail Properties Ltd.

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