Plazacorp announces four new developments

    HALIFAX, Feb. 19 /CNW/ - Plazacorp Retail Properties Ltd.
(PLZ:TSX Venture) announced today that it will develop four new retail
properties. These new development projects are located in Miramichi, Shediac
and Sussex, New Brunswick and Trois-Rivieres, Quebec.
    In all, the Corporation will be investing approximately $12 million for
its share in these new developments. These projects are 100% leased to
national retailers will add approximately 60,000 square feet to Plazacorp's
portfolio of retail properties.
    "We are pleased to be able to continue to grow our portfolio by
developing new projects. Once again Plazacorp has demonstrated its ability to
source, lease, develop and finance new development properties. These new
projects will further diversify our asset base and allow us to continue to
deliver a reliable and growing dividend to our shareholders." 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 77 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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