FREDERICTON, July 17, 2012 /CNW/ - Plazacorp Retail Properties Ltd.
(TSXV: PLZ) announced today that it will develop six new retail
properties. Three projects are located in Quebec, one in Nova Scotia,
one in New Brunswick and one in Newfoundland.
In all, the Corporation will be investing approximately $20 million for
its share of these six new projects and will add approximately 120,000
square feet to Plazacorp's portfolio of retail properties (at PLZ's
ownership percentage). The Nova Scotia and Quebec projects are being
developed with joint venture partners.
"We are pleased to be able to continue to grow our portfolio by
developing high quality projects that are leased to Canada's best
retailers. Our ability to source new high quality development projects
distinguishes Plazacorp from most other public real estate entities
that are competing to acquire existing or finished properties in a
highly competitive and low cap rate environment. Upon completion,
these properties will further diversify our asset base and allow us to
continue to grow our cash flow and deliver a reliable dividend to our
shareholders." said Plazacorp President and CEO Michael Zakuta.
Plazacorp Retail Properties Ltd. is an owner of shopping malls and strip
plazas throughout Atlantic Canada, Quebec and Ontario. Plazacorp now
owns interests in 116 properties comprising over 5.1 million square
feet of retail real estate.
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
SOURCE PLAZACORP RETAIL PROPERTIES LTD.
For further information:
For more information on Plazacorp, visit our website at
Michael Zakuta, President and CEO at 514-457-0997 x228 or Lynda Savoie, Treasurer at 506-444-6449