FREDERICTON, March 25, 2013 /CNW/ - Plazacorp Retail Properties Ltd. ("Plazacorp" or the "Company") (TSXV: PLZ) is pleased to announce that it received a positive ruling from Canada Revenue Agency in respect of converting from a mutual fund corporation to a real estate investment trust ("REIT") structure on a tax-deferred basis.
Completion of this conversion will occur this year and will be subject to shareholder approval. Further details will be provided to shareholders in due course.
Michael Zakuta, Plazacorp's President and CEO said, "We are excited about this conversion to a REIT. A ruling request was initially submitted to CRA two years ago and we have finally been successful in obtaining a ruling that will permit us to meet our goals. The REIT structure is certainly the more conventional and tax efficient way for investors to hold an interest in real estate today and, for that reason, we believe that this conversion will be beneficial for our shareholders."
Plazacorp acquires, develops and redevelops unenclosed and enclosed retail real estate throughout Atlantic Canada, Quebec and Ontario, which are predominantly occupied by national tenants (approximately 90% of the total). The Company's portfolio includes interests in 118 properties totaling 5.2 million square feet and additional lands held for development. These include properties directly held by Plazacorp, its subsidiaries and through joint ventures.
CAUTIONARY STATEMENTS REGARDING FORWARD LOOKING INFORMATION
This news release contains forward looking statements relating to our operations and the environment in which we operate, which are based on our expectations, estimates, forecasts and projections. These statements are not future guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. Therefore, actual outcomes and results may differ materially from those expressed in these forward looking statements. Readers, therefore, should not place undue reliance on any such forward looking statements. Further, a forward looking statement speaks only as of the date on which such statement is made. We undertake no obligation to publicly update any such statement, to reflect new information or the occurrence of future events or circumstances, except for forward-looking information disclosed in prior disclosures which, in light of intervening events, requires further explanation to avoid being misleading.
Neither the 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
Or contact: Floriana Cipollone, CFO at (416) 848-4583