PLAZACORP ANNOUNCES FIVE NEW PROJECTS
Jun 6, 2011
FREDERICTON, NB, June 6 2011/CNW/ - Plazacorp Retail Properties Ltd. (TSXV:PLZ) announced today that it will develop four new retail properties and has acquired a fifth property for re-development. Two projects are located in Prince Edward Island, one in Nova Scotia, one in Quebec and one in Ontario.
In all, the Corporation will be investing approximately $31 million for its share of these five new projects and will add approximately 300,000 square feet to Plazacorp's portfolio of retail properties. 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. Our ability to source new high quality development projects distinguishes Plazacorp from most other public real estate entities that are competing to acquire existing or finished properties in a highly competitive and low cap rate environment. 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 112 properties comprising over 5.1 million square feet of retail real estate.
Neither 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.
For further information: on Plazacorp, visit our website at www.plaza.ca or contact: Michael Zakuta, President and CEO, 514-457-0997 x228; Kim Sharpe, Director of Business Development, 506-451-1826