Plaza Retail REIT Announces the Sale of Eight Single-Tenant Assets in Alberta
Jul 3, 2018
- Plaza continues to recycle capital and redeploy it in value-add development and redevelopment opportunities −
FREDERICTON, July 3, 2018 /CNW/ - Plaza Retail REIT (TSX: PLZ.UN) ("Plaza") today announced that it has successfully completed the sale of eight non-core, single-tenant assets located in Calgary, Airdrie and Sherwood Park, Alberta, for $12,150,000, representing a portfolio capitalization rate of 5.3%.
"The sale of these assets is another example of Plaza extracting value" said Michael Zakuta, President and CEO of Plaza. "We have worked to stabilize these assets and maximize value, and with this sale we can redeploy this capital into our healthy pipeline of other value-add opportunities."
Plaza acquired these assets when it purchased KeyREIT in 2013 and has since seen steady cash flow from them. The portfolio totals 18,275 square feet.
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