Plaza Retail REIT Announces the Completion of the Redevelopment of Northumberland Square in Miramichi, New Brunswick
Jun 4, 2018
−Plaza has transformed this former enclosed mall into a viable and sustainable community strip−
FREDERICTON, June 4, 2018 /CNW/ - Plaza Retail REIT (TSX: PLZ.UN) ("Plaza") today announced that it has successfully completed the redevelopment of Northumberland Square in Miramichi, New Brunswick, from an enclosed mall to a 102,000 square foot community strip centre. Plaza has purchased from its joint venture partner the remaining 50% interest in the property that it did not already own, and placed long-term financing on the project.
"We are very pleased with the outcome of this project. We have successfully transformed this asset into a viable shopping destination" said Michael Zakuta, President and CEO of Plaza. "The hard work that our team undertook to complete this project has resulted in generating more sustainable cash flow and solid investment returns for Plaza."
In early 2016, Plaza purchased a 50% interest in this centre, which had a vacancy rate of approximately 37%. Since that time, Plaza has simplified the centre by adding new national retailers, relocating some existing retailers and mothballing redundant space. The vacancy rate for the centre is now approximately 4%.
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 March 31, 2018 includes interests in 297 properties totaling approximately 8.1 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.
SOURCE Plaza Retail REIT
For further information: Michael Zakuta, President & Chief Executive Officer, Plaza Retail REIT, Tel: 514.457.7007; Kim Sharpe, Director of Business Development, Plaza Retail REIT, Tel: 506.476.4855