Plazacorp announces regular quarterly dividend

Oct 1, 2007

    FREDERICTON, Oct. 1 /CNW/ - Plazacorp Retail Properties Ltd.
(PLZ:TSX Venture) announced today that its Board of Directors has declared its
regular quarterly cash dividend of $0.0375 per common share to be paid on
November 15, 2007 to all common shareholders of record on October 16, 2007.
    The Corporation intends to make an election under subsection 131(1) of
the Income Tax Act (Canada) deeming 50% ($0.01875/common share) of the
dividend to be a capital gains dividend, payable out of the Corporation's
capital gain dividend account. The other 50% ($0.01875/common share) would be
an eligible dividend.

    Plazacorp Retail Properties Ltd. is an owner of shopping malls and strip
plazas throughout the Atlantic Provinces, Quebec and Ontario. Plazacorp now
owns interests in 84 properties comprising 4.1 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
or contact: Kim Sharpe, Director of Business Development, (506) 451-1826;
Peter Sheehan, Chief Financial Officer, (506) 451-1826