Plazacorp announces new developments
Jan 22, 2008
FREDERICTON, Jan. 22 /CNW/ - Plazacorp Retail Properties Ltd. (PLZ:TSX Venture) announced today that it will develop three new retail properties and has acquired two new land parcels for future development. These development projects are located in Port Hope and Gananoque, Ontario and Gander Newfoundland. The development lands are located in Montmagny, Quebec and Moncton, New Brunswick. In all, the Corporation will be investing approximately $6.6 million for its share of the $10.5 million to be invested in these three new developments and will add approximately 57,000 square feet to Plazacorp's portfolio of retail properties. The two Ontario projects 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. 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. The new development land purchases, in strategic locations, will allow Plazacorp to sustain its growth in 2009 and beyond." 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 89 properties comprising over 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 www.plaza.ca Or contact: Michael Zakuta, President and CEO, (514) 457-7007; Kim Sharpe, Director of Business Development, (506) 451-1826