Plazacorp announces five new developments

    FREDERICTON, NB, April 16 /CNW/ - Plazacorp Retail Properties Ltd.
(PLZ:TSX Venture) announced today that it will develop five new retail
properties. These new development projects are located in Halifax, Truro and
North Sydney, Nova Scotia and in Edmundston and Sussex, New Brunswick.
    In all, the Corporation will be investing approximately $24 million in
these new developments that will add approximately 145,000 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 our
grow cash flow and deliver a reliable 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 80 properties comprising 4 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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