Plazacorp sells 50% interest in Tacoma Centre to Kimco Realty

    FREDERICTON, Sept. 16 /CNW/ - Plazacorp Retail Properties Ltd. (PLZ:TSX
Venture) announced today that it has sold a 50% interest in Tacoma Centre
located in Dartmouth Nova Scotia to Kimco Realty Corporation. As a result of
this transaction, Plazacorp will receive net consideration of $9.4 million
dollars (in cash and through the assumption of debt). Plazacorp will retain
the remaining 50% ownership interest in the property.
    "We are very pleased to have completed a second joint venture with Kimco
Realty Corporation. This transaction represents another opportunity for
Plazacorp to marry its development and leasing expertise with Kimco's
financial strength and extensive shopping centre experience. This transaction
will also generate capital to fund new development opportunities in Atlantic
Canada, Quebec and Ontario that will allow Plazacorp to continue to grow and
create value without diluting its shareholders," said Michael Zakuta,
President and CEO of Plazacorp Retail Properties Ltd.

    Plazacorp Retail Properties Ltd. is an owner of shopping malls and strip
plazas throughout Atlantic Canada, Quebec and Ontario. Plazacorp, as at
September 16, 2008, owns interests in 91 properties comprising 4.2 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