FREDERICTON, March 1, 2019 /CNW/ - Plaza Retail REIT ("Plaza") (TSX: PLZ.UN) today announced that, in connection with its previously announced normal course issuer bid ("NCIB") which commenced on September 28, 2018, Plaza has entered into an automatic securities repurchase plan (the "Plan") with its designated broker in order to facilitate purchases of trust units ("Units") under the NCIB.
The Plan, which has been pre-cleared by the Toronto Stock Exchange ("TSX"), allows for purchases of Units by Plaza at times when it would ordinarily not be permitted to make purchases due to regulatory restrictions or self-imposed blackout periods. Purchases will be made by Plaza's broker based upon the parameters prescribed by the TSX and the terms of the parties' written agreement. The Plan will terminate on September 27, 2019.
Plaza is an open-ended real estate investment trust and is a leading retail property owner and developer, focused on Ontario, Quebec and Atlantic Canada. Plaza's portfolio at December 31, 2018 includes interests in 287 properties totaling approximately 8.2 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 91% national tenants.
For more information, please visit www.plaza.ca.
SOURCE Plaza Retail REIT
For further information: Floriana Cipollone, Chief Financial Officer, Plaza Retail REIT, Tel: 416.848.4583; Kim Sharpe, Director of Business Development, Plaza Retail REIT, Tel: 506.476.4855