Plazacorp announces 120,000 stock options granted

May 24, 2007

    FREDERICTON, NB, May 24 /CNW/ - Plazacorp Retail Properties Ltd.
(PLZ:TSX Venture) announced today that it has granted a total of 120,000
incentive stock options under the terms of its current Stock Option Plan to
two of its independent directors.
    The 120,000 stock options have been granted effective May 23, 2007 and
have an exercise price of $4.36 per share. The options carry a five year term,
vest as to one third on the first, second and third anniversaries of the grant
date and are subject to a four month hold period under the policies of the TSX
Venture Exchange. The options are also subject to their acceptance for filing
with the TSX Venture Exchange.

    Plazacorp Retail Properties Ltd. is an owner of shopping malls and strip
plazas throughout Atlantic Canada, Quebec and Ontario. Plazacorp owns
interests in 80 properties comprising 4.0 million square feet of retail real

    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
or contact: Earl Brewer, Chairman or Kim Sharpe, Director of Business
Development, (506) 451-1826