Plaza Retail REIT & DewCor Announce Closing of Land Transaction to Costco in St. John's, NL
Mar 28, 2018
− Site work has already begun on retailer's new store in Galway development −
FREDERICTON, March 28, 2018 /CNW/ - Plaza Retail REIT (TSX: PLZ.UN) ("Plaza") and its joint venture partner DewCor ("DewCor") today announced they have concluded a land transaction with Costco Wholesale Canada Ltd. ("Costco") in The Shoppes at Galway outdoor retail centre ("Galway") in St. John's, Newfoundland. Costco will be relocating its store in the city to Galway with current plans to open to the public in Fall, 2018.
"We are pleased to welcome Costco to our Galway development," said Michael Zakuta, President and CEO of Plaza. "We believe their relocation within St. John's will have a significant impact on shifting the retail focus to the west-end of the city."
"We are so pleased to welcome Costco and their extensive customer base to Galway," said Danny Williams. "This represents a significant step in the progression of Galway, as Costco is a key anchor tenant for the area. We look forward to seeing this brand new, expanded store open for business this year."
Part of a 2,400 master-planned community, the Shoppes at Galway comprises over 700,000 square feet and is Atlantic Canada's largest retail project currently under development. In addition to Costco, Galway will consist of national and local retailers in the value, convenience, entertainment and food categories. Construction on the first phases of this development commence this summer, with openings slated for Spring, 2019.
DewCor is owned and operated by Danny Williams – businessperson, lawyer, and former Premier of Newfoundland and Labrador. Established in 2013, DewCor has several dynamic business ventures that consist of everything from the new comprehensive 2,400-acre development in St. John's, NL, featuring an innovative blend that includes the Galway Business Centre, Shoppes at Galway and Galway Living, golf courses, and charitable organizations. United by an entrepreneurial spirit, DewCor companies are driven to take initiative, think creatively, collaborate, and innovate. Across each subsidiary, DewCor operates with a standard to expect more, developing unique opportunities and building communities where people want to live, work, and play. Simply put, DewCor believes in developing a better tomorrow for Newfoundland and Labrador.
Plaza is an open-ended real estate investment trust and is a leading retail property owner and developer, focused on Ontario, Quebec and Atlantic Canada. Plaza's portfolio at December 31, 2017 includes interests in 298 properties totaling approximately 7.8 million square feet across Canada and additional lands held for development. Plaza's properties include a mix of strip plazas, stand-alone small box retail outlets and enclosed shopping centres, anchored by approximately 90% national tenants.
For more information, please visit www.plaza.ca.
Cautionary Statements regarding Forward-looking Information - Plaza
This press release contains forward-looking statements with respect to Plaza and its operations, which can generally be identified by the use of forward-looking words such as "will", "plans", "believes", "expects" and other similar variations, expressions or phrases that do not relate to historical facts. Forward looking statements in this press release include, but are not limited to, those which relate to the expected timing and impact of the relocation and opening of Costco, as well as the expected timing and construction of additional development for other retailers at the site. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Plaza to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements contained in this press release, including but not limited to general economic and market factors and those described in Plaza's Annual Information Form for the year ended December 31, 2017 and Management's Discussion and Analysis for the period ended December 31, 2017, which can both be obtained on SEDAR at www.sedar.com. Forward-looking statements are based on a number of expectations and assumptions made in light of management's experience and perceptions of historical trends and current conditions including that the relocation and additional developments described will be completed. Although the forward-looking statements contained in this press release are based upon information currently available to management and what management believes are reasonable expectations and assumptions, there can be no assurances that forward-looking statements will prove to be accurate. Therefore, readers should not place undue reliance on forward-looking statements. All forward-looking statements speak only as of the date of this press release and Plaza undertakes no obligation to update such statements, except as required by law. These cautionary statements qualify all forward-looking statements contained in this press release.
SOURCE Plaza Retail REIT
For further information: Michael Zakuta, President and CEO, Plaza Retail REIT, Tel: 514-457-0997; Danny Williams, Q.C., President, DewCor, Tel: 709-570-2222