PLAZACORP WILLOWGROVE RESIDENTIAL REAL ESTATE DEVELOPMENT TRUST RAISES C$75 MILLION MAXIMUM SIZE INITIAL PUBLIC OFFERING AND ACQUIRES INTEREST IN DEVELOPMENT PROJECT

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TORONTO, Dec. 31, 2024 /CNW/ - Plazacorp Willowgrove Residential Real Estate Development Trust (the "REDT") announced today that it raised its maximum offering size of C$75 million and completed its initial public offering (the "Offering").

In connection with the Offering, the REDT issued C$75,000,000 of trust units which were sold by its subsidiary, Plazacorp Willowgrove Residential REDT Holding LP (the "Holding LP") in a secondary offering, consisting of an aggregate of 4,641,200 units of series "Class A" ("Class A Units") and an aggregate of 2,858,800 units of series "Class F" ("Class F Units" and, together, with the Class A Units, the "Units") at a price of C$10.00 per Class A Unit and Class F Unit.

The REDT is a newly-created, unincorporated investment trust, and was established for the primary purpose of indirectly owning a majority equity interest in a project (the "Project") to develop two residential subdivisions comprising 676 residences (467 townhomes and 209 single detached homes) and 297 serviced lots on 213 acres of land in Markham and Stouffville, Ontario.

Prior to the closing of the Offering, the REDT indirectly acquired, through the Holding LP, an approximate 67.7% interest in the Project. The REDT is managed by Plazacorp Willowgrove REDT Management Inc., a wholly owned subsidiary of Plazacorp Investments Limited.

The Units were offered to the public by CIBC World Markets Inc., the sole agent for the Offering.

The securities described herein have not been and will not be registered under the United States Securities Act of 1933, as amended (the "1933 Act"), and may not be offered or sold within the United States unless registered under the 1933 Act and applicable state securities laws or pursuant to exemptions from the registration requirements of the 1933 Act and applicable state securities laws.

Plazacorp Willowgrove Residential Real Estate Development Trust

Plazacorp Willowgrove Residential Real Estate Development Trust was established for the primary purpose of indirectly owning an interest in a project to develop two residential subdivisions comprising 676 residences (467 townhomes and 209 single detached homes) and 297 serviced lots on 213 acres of land in Markham and Stouffville, Ontario.

Forward-Looking Statements

This news release contains statements that include forward-looking information within the meaning of Canadian securities laws. These forward-looking statements reflect the current expectations of the REDT regarding future events, including statements concerning the development of the Project. In some cases, forward-looking statements can be identified by terms such as "may", "might", "will", "could", "should", "would", "occur", "expect", "plan", "anticipate", "believe", "intend", "seek", "aim", "estimate", "target", "project", "predict", "forecast", "potential", "continue", "likely", "schedule", or the negative thereof or other similar expressions concerning matters that are not historical facts.

Material factors and assumptions used by management of the REDT to develop the forward-looking information include, but are not limited to, the REDT's current expectations about: construction and development risk; obtaining necessary development permits for the Project; the realization of property value appreciation and timing thereof; the inventory of residential properties; competition from developers of residential properties; the Markham and Stouffville, Ontario real estate markets; government legal and regulatory changes; property encumbrances relating to the Project; closing and other transaction costs in connection with the acquisition and disposition of the Project; the availability of financing and current interest rates; demographic trends; fluctuations in interest rates; litigation risks; the relative illiquidity of real property investments; the Canadian economic environment; the geographic concentration of the REDT's business; natural disasters and severe weather; demand levels for residential properties in Markham and Stouffville, Ontario and local economic conditions; negative geopolitical events; public health crises; the capital structure of the REDT; distributions; capital depletion; potential conflicts of interest; reliance on the good faith and ability of the Project's project manager to manage the Project; the limited operating history of the REDT; the limited experience of management of the REDT with respect to managing a reporting issuer; the limited liquidity of the Class A Units and Class F Units; and tax laws. While management of the REDT considers these assumptions to be reasonable based on currently available information, they may prove to be incorrect.

Although management believes the expectations reflected in such forward-looking statements are reasonable and represent the REDT's internal projections, expectations and beliefs at this time, such statements involve known and unknown risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities may not be achieved. A variety of factors, many of which are beyond the REDT's control, could cause actual results in future periods to differ materially from current expectations of estimated or anticipated events or results expressed or implied by such forward-looking statements. Such factors include the risks identified in the REDT's final prospectus, including under the heading "Risk Factors" therein. Readers are cautioned against placing undue reliance on forward-looking statements. Except as required by applicable Canadian securities laws, the REDT undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.

Additional information regarding Plazacorp Willowgrove Residential Real Estate Development Trust is available at www.plazaredt.com and on www.sedarplus.com.

SOURCE Plazacorp Willowgrove Residential Real Estate Development Trust

Jayne Jones, Executive Assistant, Plazacorp Investments Limited, Phone: [phone], Email: [e-mail]