Plazacorp raises $12.5 million in 8% convertible debentures

FREDERICTON, Oct. 19 /CNW/ - Plazacorp Retail Properties Ltd. (PLZ:TSX Venture Exchange) announced today that it has raised $12.5 million dollars in 8% convertible debentures (the "Debentures"). Plazacorp over sold the $10 million convertible debenture offering by $2.5 million.

The Debentures, which bear interest at 8.0% per annum, payable quarterly, will mature on October 14, 2014 and will be convertible into Plazacorp common shares at the option of the holder at any time at $3.40 per common share. Net proceeds from the sale will be used to finance future acquisitions, to retire existing debt and for general corporate purposes.

Plazacorp Retail Properties Ltd. is an owner of shopping malls and strip plazas throughout the Atlantic Provinces, Québec and Ontario. Plazacorp, as at October 19, 2009 now owns interests in 98 properties comprising 4.4 million square feet of retail real estate.

    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this release.

%SEDAR: 00012014E

SOURCE Plaza Retail REIT

For further information: For further information: on Plazacorp, visit our website at; Earl Brewer, Chairman, (506) 451-1826; Kim Sharpe, Director of Business Development, (506) 451-1826

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