− Plaza has commenced redevelopment of this enclosed mall
including a vacant former Sears store −
FREDERICTON, May 31, 2018 /CNW/ - Plaza Retail REIT (TSX: PLZ.UN) ("Plaza") today announced that it has successfully completed the sale of a 50% joint venture interest in the 1000 Islands Mall in Brockville, Ontario. This transaction is another example of Plaza executing on its core business strategy to undertake value-add redevelopment projects while remaining prudent with its capital allocations.
Plaza has commenced the redevelopment of the existing enclosed mall into a viable and simplified community strip centre, including the renovation and re-leasing of a vacant Sears store.
"We are happy with how this project is progressing and are pleased to welcome our new partner to this joint venture." said Michael Zakuta, President and CEO of Plaza. "We look forward to successfully transforming this asset into a viable shopping destination for the greater Brockville area."
Plaza intends to simplify the mall by adding new national retailers, relocating some existing retailers, and mothballing redundant space. Construction is expected to be completed over the next 12 to 18 months.
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 March 31, 2018 includes interests in 297 properties totaling approximately 8.1 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
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 "intends", "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 Plaza's intention to simplify the mall as described, as well as the expected timing of the completion of construction. 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 March 31, 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 including that the addition and relocation of retailers will be completed as described. 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