̶ Acquisition of former Sears store in Saguenay seen as first of multiple opportunities ̶
FREDERICTON, Dec. 12, 2017 /CNW/ - Plaza Retail REIT (TSX: PLZ.UN) ("Plaza" or the "REIT") today announced that it has closed the previously announced acquisition of a 50% interest in a prime retail property in Saguenay, Quebec for $3.25 million. The property, which was formerly leased to Sears Canada, is ideally situated on Talbot Boulevard at the centre of the region's busiest commercial area. The REIT intends to redevelop the property into a multi-unit retail plaza comprising approximately 100,000 square feet of gross leasable area.
"The acquisition of this property is an important strategic transaction for Plaza," said Michael Zakuta, President and CEO of the REIT. "The changing retail landscape in Canada is presenting compelling opportunities for us to leverage Plaza's core strengths in development and redevelopment to grow the REIT and build value for our unitholders."
Plaza is an open-ended real estate investment trust and is a leading retail property owner and developer, particularly in Eastern Canada. Plaza's portfolio at September 30, 2017 includes interests in 295 properties totaling approximately 7.7 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. For more information, please visit www.plaza.ca.
This press release contains forward-looking statements, which can generally be identified by terms such as "intends" or other similar expressions or phrases that do not relate to historical facts. Forward looking statements in this press release include those which relate to future opportunities for the REIT and to Plaza's intention to redevelop the property as described. 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 those described in Plaza's Annual Information Form for the year ended December 31, 2016 and Management's Discussion and Analysis for the period ended September 30, 2017 which can be obtained on SEDAR at www.sedar.com. Forward-looking statements are based on a number of expectations and assumptions, including management's perceptions of historical trends, current conditions and completion of the redevelopment 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.
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: 506.357.7901