Plazacorp raises $3.9 million in new capital

    FREDERICTON, NB, Jan. 28 /CNW/ - Plazacorp Retail Properties Ltd
("Plazacorp") announced today that it has raised $3,938,000 in capital from
the sale of a 75% interest in four retail properties to a privately owned
partnership, Plazacorp SDM-1 Limited Partnership (the "Partnership").
    The properties include Robie Street Truro Plaza, Truro, Nova Scotia, 201
Main Street, Sussex, New Brunswick, 681 Mountain Road , Moncton, New Brunswick
and KGH Plaza, Miramichi, New Brunswick. The proceeds from the sale in the
properties total $12,626,000 and are satisfied through the assumption of
$8,688,000 in first mortgage debt and $3,938,000 in cash. Plazacorp will
retain a 25% ownership interest in the four properties. Plazacorp has entered
into an option to purchase agreement with the Partnership which provides
Plazacorp with the right to repurchase the properties on the sixth anniversary
date of closing of Partnership units.
    Approximately 22.5% of the Partnership's units are owned by certain
directors and insiders of Plazacorp.
    Plazacorp President and CEO, Michael Zakuta said "We are very pleased to
be able to raise new capital that will provide Plazacorp with funds for new
projects that the company is developing in 2009."

    Plazacorp Retail Properties Ltd. is an owner of shopping malls and strip
plazas throughout the Atlantic Provinces, Quebec and Ontario. Plazacorp, as at
January 28, 2009 now owns interests in 93 properties comprising 4.3 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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