Plazacorp announces normal course issuer bid of up to 1,000,000 common shares

    FREDERICTON, Dec. 14 /CNW/ - Plazacorp Retail Properties Ltd. (PLZ:TSX
Venture) announced today that its Board of Directors has authorized a normal
course issuer bid to buy back up to 1,000,000 common shares representing
approximately 2.19% of the issued and outstanding common shares. This normal
course issuer bid is subject to the approval of the TSX Venture Exchange.
    It is expected that the normal course issuer bid will begin on or about
December 20, 2007 and will end at the latest on December 19, 2008. The
purchases will be made through the facilities of the TSX Venture Exchange and
will be conducted by JF Mackie & Company Ltd. on behalf of the Corporation.
    The Corporation believes that the normal course issuer bid is an
attractive investment at appropriate market prices, represents good
utilization of the Corporation's funds and is being established to enhance
shareholder value.

    Plazacorp Retail Properties Ltd. is an owner of shopping malls and strip
plazas throughout Atlantic Canada, Quebec and Ontario. Plazacorp owns
interests in 87 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.
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