FREDERICTON, Nov. 6, 2014 /CNW/ - Plaza Retail REIT (TSX: PLZ.UN) ("Plaza" or the "REIT") announced today five new developments, four of which are located in Atlantic Canada and one is in Quebec. In addition, Plaza has also undertaken seven expansion and renovation projects of its existing properties.
In all, the REIT will be investing approximately $31 million for its share of these five projects and seven expansion and renovations and expects to add approximately 145,000 square feet to Plaza's portfolio of retail properties (at Plaza's ownership percentage).
"We are pleased to be able to continue to grow by capitalizing on our investments in high quality new development and re-development opportunities and by continually looking to intensify our existing assets. Our ability to develop new high quality projects truly makes Plaza unique and will continue to allow us to diversify our asset base and grow our cash flow per unit, thereby delivering reliable distributions and building value for our unitholders." said Plaza Retail REIT President and CEO Michael Zakuta.
Plaza is an open-ended real estate investment trust and is a leading retail property owner and developer, particularly in Eastern Canada. Plaza's current portfolio includes interests in 312 properties totaling approximately 6.7 million square feet across Canada and additional lands held for development. Plaza's properties include a mix of strip plazas, stand-alone small box retail outlets and enclosed shopping centres, anchored by approximately 90% national tenants.
For more information on Plaza Retail REIT, visit our website at www.plaza.ca
SOURCE: Plaza Retail REIT
For further information: Michael Zakuta, President and Chief Executive Officer, (514) 457-0997; Kim Sharpe, Director, Business Development, (506) 451-1826