Plaza Retail REIT Announces Atlantic Superstore Anchored Development in Halifax, Nova Scotia
Jul 7, 2020
FREDERICTON, NB, July 7, 2020 /CNW/ - Plaza Retail REIT ("Plaza") (TSX: PLZ.UN) is pleased to announce that it will be developing a new retail centre on Hogan Court in the West Bedford area of Halifax. The project will be anchored by Atlantic Superstore, as well as approximately 20,000 square feet of essential-needs and convenience-oriented retail offerings. The location, immediately off Highway 102 in one of the fastest growing areas in Halifax, is surrounded by newly-developed medium and high density residential neighbourhoods, as well as hotel, retail and institutional uses.
"The development of this style of essential-needs retail has been our core business since we started in 1999 and will add to the resiliency of our portfolio," said Michael Zakuta, Plaza's CEO. "We are very excited to be working with Loblaw in this fast-growing area of Halifax."
Construction for this project, which was in planning prior to COVID-19, will begin in early July. The first retailers are projected to open in the spring of 2021.
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, 2020 includes interests in 272 properties totaling approximately 8.4 million square feet across Canada and additional lands held for development. Plaza's portfolio largely consists of open-air centres and stand-alone small box retail outlets and is predominantly occupied by national tenants. For more information, please visit www.plaza.ca.
Cautionary Statements regarding Forward-looking Information
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", "projected" and other 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 anticipated opening of the first retailers of the development and the commencement of construction. 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, uncertainty related to the impact of the COVID-19 pandemic and those described in Plaza's Annual Information Form for the year ended December 31, 2019 and Management's Discussion and Analysis for the three months ended March 31, 2020, which can both be obtained on SEDAR at www.sedar.com. 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: Kim Sharpe, Director of Business Development, Tel: 506.476.4855