Plazacorp announces $3.5 million offering of 8% short term notes and announces it has become a Tier 1 issuer on the TSX Venture Exchange

    FREDERICTON, March 5 /CNW/ - Plazacorp Retail Properties Ltd. (PLZ:TSX
Venture) announced today that it intends to raise $3.5 million through a short
term note offering. The notes which bear interest at 8.0% per annum, payable
monthly with a 0.5% payment on maturity or redemption. The notes will mature
six months from date of issuance and are subject to redemption any time after
three months from the date of issuance. The proceeds from the sale will be
used for short term financing of acquisition and development of retail real
estate and for general corporate purposes. The offering is fully subscribed
and is anticipated to close on March 18, 2008.
    The notes will be offered to Canadian Residents in reliance on statutory
exemptions from prospectus and registration requirements. The notes are RRSP
eligible.
    Plazacorp also announced today that it has achieved Tier 1 issuer status
on the TSX Venture Exchange (the "Exchange") effective March 6, 2008. As
stated in the Exchange's Corporate Finance Manual Policy 2.1 "Tier 1 is the
Exchange's premier tier and is reserved for the Exchange's most advanced
issuers with the most significant financial resources. Tier 1 issuers benefit
from decreased TSX Venture filing requirements and improved service
standards."

    Plazacorp Retail Properties Ltd. is an owner of shopping malls and strip
plazas throughout Atlantic Canada, Quebec and Ontario. Plazacorp now owns
interests in 90 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.
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