FREDERICTON, March 25, 2013 /CNW/ - Plazacorp Retail Properties Ltd.
("Plazacorp" or the "Company") (TSXV: PLZ) is pleased to announce that
it received a positive ruling from Canada Revenue Agency in respect of
converting from a mutual fund corporation to a real estate investment
trust ("REIT") structure on a tax-deferred basis.
Completion of this conversion will occur this year and will be subject
to shareholder approval. Further details will be provided to
shareholders in due course.
Michael Zakuta, Plazacorp's President and CEO said, "We are excited
about this conversion to a REIT. A ruling request was initially
submitted to CRA two years ago and we have finally been successful in
obtaining a ruling that will permit us to meet our goals. The REIT
structure is certainly the more conventional and tax efficient way for
investors to hold an interest in real estate today and, for that
reason, we believe that this conversion will be beneficial for our
Plazacorp acquires, develops and redevelops unenclosed and enclosed
retail real estate throughout Atlantic Canada, Quebec and Ontario,
which are predominantly occupied by national tenants (approximately 90%
of the total). The Company's portfolio includes interests in 118
properties totaling 5.2 million square feet and additional lands held
for development. These include properties directly held by Plazacorp,
its subsidiaries and through joint ventures.
CAUTIONARY STATEMENTS REGARDING FORWARD LOOKING INFORMATION
This news release contains forward looking statements relating to our
operations and the environment in which we operate, which are based on
our expectations, estimates, forecasts and projections. These
statements are not future guarantees of future performance and involve
risks and uncertainties that are difficult to control or predict.
Therefore, actual outcomes and results may differ materially from those
expressed in these forward looking statements. Readers, therefore,
should not place undue reliance on any such forward looking statements.
Further, a forward looking statement speaks only as of the date on
which such statement is made. We undertake no obligation to publicly
update any such statement, to reflect new information or the occurrence
of future events or circumstances, except for forward-looking
information disclosed in prior disclosures which, in light of
intervening events, requires further explanation to avoid being
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
SOURCE: PLAZACORP RETAIL PROPERTIES LTD.
For further information:
For more information on Plazacorp, visit our website at
Or contact: Floriana Cipollone, CFO at (416) 848-4583