Plazacorp announces agreement to exchange half interests in three properties
Feb 12, 2007
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. %SEDAR: 00012014E
For further information:
For further information: on Plazacorp, visit our website at www.plaza.ca; Or contact: Michael Zakuta, President and CEO or Kim Sharpe, Director of Business Development, (506) 451-1826