−Another example of Plaza using its leasing & development platform to create unitholder value−
FREDERICTON, Dec. 17, 2018 /CNW/ - Plaza Retail REIT (TSX: PLZ.UN) ("Plaza") today announced that it has successfully completed the purchase of Quispamsis Town Centre in Quispamsis, New Brunswick, for $12,550,000. This 88,000 square foot centre is well-located in this active suburb of Saint John and is well-anchored by Shoppers Drug Mart, GoodLife Fitness, Dollarama and the Province of New Brunswick.
"This purchase provides Plaza with both immediate and long-term opportunities to use our strong leasing and development platforms to generate value for unitholders," said Michael Zakuta, President and CEO of Plaza. "The property's centre-ice location within this strong market and the exceptional retailers on this site will provide us the foundation for solid future growth."
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 September 30, 2018 includes interests in 285 properties totaling approximately 8.0 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.
Cautionary Statements regarding Forward-looking Information - Plaza
This press release contains forward-looking statements with respect to Plaza and its operations, which can generally be identified by the use of forward-looking words such as "will", "plans", "believes", "expects" and other similar variations, expressions or phrases that do not relate to historical facts. Forward looking statements in this press release include, but are not limited to, those which relate to the value generating capabilities of Plaza for this property. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Plaza to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements contained in this press release, including but not limited to general economic and market factors and those described in Plaza's Annual Information Form for the year ended December 31, 2017 and Management's Discussion and Analysis for the period ended September 30, 2018, which can both be obtained on SEDAR at www.sedar.com. Forward-looking statements are based on a number of expectations and assumptions made in light of management's experience and perceptions of historical trends and current conditions. Although the forward-looking statements contained in this press release are based upon information currently available to management and what management believes are reasonable expectations and assumptions, there can be no assurances that forward-looking statements will prove to be accurate. Therefore, readers should not place undue reliance on forward-looking statements. All forward-looking statements speak only as of the date of this press release and Plaza undertakes no obligation to update such statements, except as required by law. These cautionary statements qualify all forward-looking statements contained in this press release.
For more information, please visit www.plaza.ca
SOURCE Plaza Retail REIT
For further information: Michael Zakuta, President & Chief Executive Officer, Plaza Retail REIT, Tel: 514.457.7007; Kim Sharpe, Director of Business Development, Plaza Retail REIT, Tel: 506.476.4855