Plazacorp announces five new developments

    FREDERICTON, Sept. 17 /CNW/ - Plazacorp Retail Properties Ltd.
(PLZ:TSX Venture Exchange) announced today that it will develop five new
retail properties. These development projects are located in Orleans and
Petawawa, Ontario, Sherbrooke, Quebec, Tracadie, New Brunswick and New Minas,
Nova Scotia.
    In all, the Corporation will be investing approximately $12 million in
these new developments that will add approximately 80,000 square feet to
Plazacorp's portfolio of retail properties. The two Ontario projects and the
Quebec project are being developed with joint venture partners. Plazacorp will
own a 50% interest in each of these projects.
    "We are pleased to be able to continue to grow our portfolio by
developing high quality 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 grow our 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 84 properties comprising over 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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