PLAZACORP ANNOUNCES FOUR NEW PROJECTS

FREDERICTON, Sept. 13 /CNW/ - Plazacorp Retail Properties Ltd. (PLZ:TSX Venture) announced today that it will develop three new retail properties and has acquired a fourth property for re-development. Two projects are located in Quebec, one in Newfoundland and one in Ontario.

In all, the Corporation will be investing approximately $8 million for its share of these four new developments and will add approximately 135,500 square feet to Plazacorp's portfolio of retail properties. The three new projects are substantially leased to national retailers. The Ontario and Quebec projects are being developed with joint venture partners.

"We are pleased to be able to continue to grow our portfolio by developing high quality projects that are leased to Canada's best retailers. These projects confirm our ability to source new projects across a wide geography. Upon completion, these properties 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 106 properties comprising over 4.7 million square feet of retail real estate.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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