Plazacorp announces five new developments

May 12, 2008

    FREDERICTON, May 12 /CNW/ - Plazacorp Retail Properties Ltd.
(PLZ:TSX Venture) announced today that it will develop five new retail
properties. These development projects are located in Saint John and Shediac,
New Brunswick, New Minas, Nova Scotia, Rouyn-Noranda, Quebec and Perth,
    In all, the Corporation will be investing approximately $25 million for
its share of these five new developments and will add approximately
191,000 square feet to Plazacorp's portfolio of retail properties. The Ontario
project is being developed with a joint venture partner. Plazacorp will own a
50% interest in this project.
    "We are pleased to be able to continue to grow our portfolio by
developing high quality new projects. These new projects, located in four
provinces, 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 91 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
or contact: Michael Zakuta, President and CEO, (514) 457-0997 x228; Kim
Sharpe, Director of Business Development, (506) 451-1826