PLAZACORP ANNOUNCES REGULAR QUARTERLY DIVIDEND

FREDERICTON, NB, Jan. 3 /CNW/ - Plazacorp Retail Properties Ltd. (PLZ:TSX Venture Exchange) announced today that its Board of Directors has declared its regular quarterly cash dividend of $0.050625 per common share to be paid on February 14, 2011 to all common shareholders of record on January 17, 2011.

The Corporation intends to make an election under subsection 131(1) of the Income Tax Act (Canada) deeming 50% of the dividend ($0.0253125 per common share) to be a capital gains dividend, payable out of the Corporation's capital gain dividend account, with the remaining 50% ($0.0253125 per common share) to be a regular dividend. This regular dividend is an "eligible dividend" for income tax purposes.

Plazacorp Retail Properties Ltd. is an owner of shopping malls and strip plazas throughout the Atlantic Provinces, Québec and Ontario. Plazacorp owns interests in 106 properties comprising 4.7 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.

SOURCE PLAZACORP RETAIL PROPERTIES LTD.

For further information: For more information on Plazacorp, visit our website at www.plaza.ca; Or contact: Earl Brewer, Chairman or Kim Sharpe, Director of Business Development at 506-451-1826

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PLAZACORP RETAIL PROPERTIES LTD.

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