FREDERICTON, Jan. 6, 2014 /CNW/ - Plaza Retail REIT ("Plaza" or the "REIT") (TSX: PLZ.UN) announced today that the plan of arrangement to convert Plazacorp Retail Properties Ltd. (the "Company") into a real estate investment trust (the "Conversion") was completed effective January 1, 2014 and that final approval of the Conversion has been granted by the Toronto Stock Exchange. Commencing on Wednesday, January 8, 2014, the units of the REIT will begin trading on the Toronto Stock Exchange under the symbol "PLZ.UN" and the shares of the Company will be delisted. Under the Conversion, each outstanding common share of the Company was exchanged for one unit of the REIT.
ABOUT PLAZA RETAIL REIT
The REIT is an open-ended real estate investment trust established under the laws of the Province of Ontario and is a leading retail property owner and developer, particularly in Eastern Canada. The REIT has an entrepreneurial focus with strong "value-add" capabilities. The REIT's current portfolio includes interests in approximately 337 properties totaling approximately 6.6 million square feet across Canada and additional lands held for development. The REIT's properties include a mix of strip plazas, stand-alone small box retail outlets and enclosed shopping centres, anchored by approximately 90% national tenants. Total assets have reached almost $1 billion. The REIT is fully internalized, therefore providing unitholders directly with the synergies that come with an internalized management structure. The REIT has proven its strong "value-add" capabilities to develop, redevelop and acquire retail real estate throughout Canada. The REIT has a strong track record of generating growth in distributions, having increased its distributions at least once every year in the last 10 years.
CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "estimates", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the REIT to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. An example of such statements includes the timing of the commencement of the trading of the units of the REIT on the Toronto Stock Exchange. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this press release. Such forward-looking statements are based on a number of assumptions that may prove to be incorrect, including, but not limited to, the expected performance of the REIT following closing of the Conversion. Additional, important factors that could cause actual results to differ materially from expectations include, among other things, general economic and market factors, local real estate conditions, including the development of properties in close proximity to the REIT's properties, competition, availability and cost of additional real estate properties, changes in government regulation, dependence on tenants' financial condition, interest rates, the availability of equity and debt financing, environmental matters, tax related matters, and reliance on key personnel. There can be no assurances that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. These cautionary statements qualify all forward-looking statements attributable to the REIT and persons acting on its behalf. Unless otherwise stated, all forward-looking statements speak only as of the date of this press release and the REIT undertakes no obligation to update such statements except as required by law. The factors identified above are not intended to represent a complete list of the factors that could affect the Company and the REIT. Additional information about these assumptions and risks and uncertainties are more fully described in the REIT's regulatory filings that can be obtained on SEDAR at www.sedar.com.
SOURCE: Plazacorp Retail Properties Ltd.
For further information:
Visit our website at: www.plaza.ca
Or contact: Michael Zakuta, President and Chief Executive Officer, at (514) 457-0997 or Floriana Cipollone, Chief Financial Officer, at (416) 848-4583