Plazacorp announces agreement to exchange half interests in three properties

    FREDERICTON, NB, Feb. 12 /CNW/ - Plazacorp Retail Properties Ltd.
(PLZ:TSX Venture Exchange) announced today that it has come to an agreement to
sell its remaining 50% interest in Lansdowne Plaza, Saint John, NB and 50%
interest in Staples Woodlawn Plaza, Dartmouth, Nova Scotia and to acquire the
remaining 50% interest in Les Promenades St-Francois, Laval QC from its
current partner on these three properties.
    Plazacorp will receive net consideration of $10,918,000 (in cash and
through the assumption of debt), for the three transactions.
    The transaction is expected to close in March 2007.

    Plazacorp Retail Properties Ltd. is an owner of shopping malls and strip
plazas throughout Atlantic Canada, Quebec and Ontario. Plazacorp owns
interests in 76 properties comprising 4.2 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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