PLAZACORP ANNOUNCES FIVE NEW PROJECTS
June 06 2011 - 7:00AM
PR Newswire (Canada)
FREDERICTON, NB, June 6 2011 /CNW/ -- FREDERICTON, NB, June 6
2011/CNW/ - Plazacorp Retail Properties Ltd. (TSXV:PLZ) announced
today that it will develop four new retail properties and has
acquired a fifth property for re-development. Two projects are
located in Prince Edward Island, one in Nova Scotia, one in Quebec
and one in Ontario. In all, the Corporation will be investing
approximately $31 million for its share of these five new projects
and will add approximately 300,000 square feet to Plazacorp's
portfolio of retail properties. The Ontario and Quebec projects are
being developed with joint venture partners. "We are pleased to be
able to continue to grow our portfolio by developing high quality
projects that are leased to Canada's best retailers. Our ability to
source new high quality development projects distinguishes
Plazacorp from most other public real estate entities that are
competing to acquire existing or finished properties in a highly
competitive and low cap rate environment. Upon completion, these
properties will further diversify our asset base and allow us to
continue to grow our cash flow and deliver a reliable dividend to
our shareholders." said Plazacorp President and CEO Michael Zakuta.
Plazacorp Retail Properties Ltd. is an owner of shopping malls and
strip plazas throughout Atlantic Canada, Quebec and Ontario.
Plazacorp now owns interests in 112 properties comprising over 5.1
million square feet of retail real estate. Neither TSX Venture
Exchange nor its Regulation Services Provider (as that term is
defined in policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release. on
Plazacorp, visit our website at www.plaza.ca or contact: Michael
Zakuta, President and CEO, 514-457-0997 x228; Kim Sharpe, Director
of Business Development, 506-451-1826
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