FREDERICTON, April 3, 2014 /CNW/ - Plaza Retail REIT (TSX: PLZ.UN) announced today six new projects: four new re-developments and two new ground-up development projects. Four projects are located in Quebec, one in Atlantic Canada and one in Ontario.
In all, Plaza will be investing approximately $24 million for its share of these six new projects and will add approximately 155,000 square feet to its portfolio of retail properties (at Plaza's ownership percentage). The Ontario project and three Quebec projects are being developed with joint venture partners.
"We are pleased to be able to continue to grow by adding high quality development and re-development projects to our portfolio that are leased to Canada's best retailers. Our ability to develop new high quality projects distinguishes us from most other public real estate entities that are competing to acquire existing or finished properties. Upon completion, these properties will further diversify our asset base and allow us to continue to grow our cash flow and deliver reliable distributions to our unitholders." said Plaza's 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 332 properties totaling approximately 6.6 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 89% national tenants.
For more information on Plaza, visit our website at www.plaza.ca
SOURCE: Plaza Retail REIT
For further information: Michael Zakuta, President and CEO at 514-457-0997 x228 or Kim Sharpe, Director of Business Development, at 506-460-8261.