Plazacorp announces new developments

    FREDERICTON, Jan. 22 /CNW/ - Plazacorp Retail Properties Ltd.
(PLZ:TSX Venture) announced today that it will develop three new retail
properties and has acquired two new land parcels for future development. These
development projects are located in Port Hope and Gananoque, Ontario and
Gander Newfoundland. The development lands are located in Montmagny, Quebec
and Moncton, New Brunswick.
    In all, the Corporation will be investing approximately $6.6 million for
its share of the $10.5 million to be invested in these three new developments
and will add approximately 57,000 square feet to Plazacorp's portfolio of
retail properties. The two Ontario projects are being developed with joint
venture partners. Plazacorp will own a 50% interest in each of these projects.
    "We are pleased to be able to continue to grow our portfolio by
developing high quality new projects. These new projects will further
diversify our asset base and allow us to continue to grow our cash flow and
deliver a reliable dividend to our shareholders. The new development land
purchases, in strategic locations, will allow Plazacorp to sustain its growth
in 2009 and beyond." 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 89 properties comprising over 4.1 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.
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