Plazacorp announces exercise of Over-Allotment Option

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FREDERICTON, Oct. 7, 2011 /CNW/ - Plazacorp Retail Properties Ltd. ("Plazacorp" or the "Company") (TSXV: PLZ) announced today that the underwriters of its recently completed public equity offering of 6,600,000 common shares at a price of $4.20 per common share for gross proceeds of $27,720,000 have provided notice of their intent to exercise in full, their over-allotment option (the "Over-Allotment Option") to purchase an additional 990,000 common shares at a price of $4.20 per common share for additional gross proceeds of $4,158,000.

The closing of the exercise of the Over-Allotment Option is expected to occur on October 12, 2011.  The common shares were qualified by a short form prospectus dated September 20, 2011 and were underwritten by a syndicate of underwriters led by RBC Capital Markets.

ABOUT PLAZACORP
Plazacorp acquires, develops and redevelops unenclosed and enclosed retail real estate throughout Atlantic Canada, Quebec and Ontario, which are predominantly occupied by national tenants (approximately 90% of the total). The Company's portfolio at June 30, 2011 includes interests in 112 properties totaling over 5.1 million square feet and additional lands held for development. These include properties directly held by Plazacorp, its subsidiaries and through joint ventures.

CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING STATEMENTS
All statements in this press release that do not relate to historical facts constitute forward-looking statements.  These statements represent Plazacorp's intentions, plans, expectations and beliefs and are subject to certain risks and uncertainties that could result in actual results differing materially from these forward-looking statements. These risks and uncertainties are more fully described in regulatory filings that can be obtained on SEDAR at www.sedar.com.

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.