Plazacorp announces regular quarterly dividend

Oct 1, 2008

    FREDERICTON, Oct. 1 /CNW/ - Plazacorp Retail Properties Ltd.
(PLZ:TSX Venture) announced today that its Board of Directors has declared its
regular quarterly cash dividend of $0.04375 per common share to be paid on
November 17, 2008 to all common shareholders of record on October 16, 2008.
    The Corporation intends to make an election under subsection 131(1) of
the Income Tax Act (Canada) deeming the full amount of the dividend to be a
capital gains dividend, payable out of the Corporation's capital gain dividend

    Plazacorp Retail Properties Ltd. is an owner of shopping malls and strip
plazas throughout the Atlantic Provinces, Quebec and Ontario. Plazacorp, as at
October 1, 2008 now 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

For further information:

For further information: on Plazacorp, visit our website at; Or: Kim Sharpe, Director of Business Development, (506)
451-1826; Peter Sheehan, Chief Financial Officer, (506) 451-1826