FREDERICTON, Sept. 1 /CNW/ - Plazacorp Retail Properties Ltd. (PLZ:TSX
Venture) announced today that it has completed $17.413 million in two separate
long term financing transactions. The first totals $3.9 million, has a term of
15 years, and is secured by a property located in New Brunswick. The second
transaction totals $13.5 million, has a term of 5 years, and is secured by
eight (8) properties located in Atlantic Canada and Ontario. Proceeds were
used to repay development line financing and for general corporate purposes.
Plazacorp is also pleased to announce that it has renewed its primary
development line facilities with two Canadian chartered banks. A $35.0 million
facility with one chartered bank was replaced with three development credit
facilities of $27.5 million, $9.9 million (project specific) and $9.6 million
(project specific). A development line of $15.0 million with a second Canadian
chartered bank was renewed and increased to $17.5 million. The lines are
secured by a pledge of the properties under development and Plazacorp's
"The completion of these debt financings, the renewal of our development
credit facilities and the continued success of our dividend reinvestment plan
demonstrate Plazacorp's continued ability to finance its growth and
successfully operate in today's economic environment." said Michael Zakuta,
Plazacorp President and CEO.
Plazacorp Retail Properties Ltd. is an owner of shopping malls and strip
plazas throughout the Atlantic Provinces, Quebec and Ontario. Plazacorp, as at
September 1, 2009 now owns interests in 98 properties comprising 4.4 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.
For further information:
For further information: Earl Brewer, Chairman, (506) 451-1826; Kim
Sharpe, Director of Business Development, (506) 451-1826; www.plaza.ca