Plaza Retail REIT Announces the Acquisition of Tri-City Centre in Cambridge, Ontario
Apr 25, 2019
−Another example of Plaza acquiring well-located assets with redevelopment opportunities−
FREDERICTON, April 25, 2019 /CNW/ - Plaza Retail REIT (TSX: PLZ.UN) ("Plaza") today announced that it has successfully completed the purchase of Tri-City Centre in Cambridge, Ontario. This 197,000 square foot centre is well-located adjacent to Highway 401 in the fast-growing Regional Municipality of Waterloo.
"Tri-City Centre presents an excellent opportunity for Plaza to extract value from this asset via redevelopment and the addition of density on the site." said Michael Zakuta, President and CEO of Plaza. "This purchase provides Plaza with both immediate and long-term opportunities to use our strong leasing and development platforms to create value for unitholders."
Through a capital partner arrangement, Plaza purchased a 50% managing interest in this centre for $12,650,000.
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, 2018 includes interests in 287 properties totaling approximately 8.2 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 91% national tenants.
Cautionary Statements regarding Forward-looking Information
This press release contains forward-looking statements with respect to Plaza and its operations 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 value generating capabilities of Plaza with respect to this property. 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, 2018 and Management's Discussion and Analysis for the period ended December 31, 2018, 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 property will be redeveloped as anticipated. 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: For more information, please visit www.plaza.ca or contact: 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