FREDERICTON, March 25, 2013 /CNW/ - Plazacorp Retail
Properties Ltd. ("Plazacorp" or the "Company") (TSXV: PLZ) is
pleased to announce that it received a positive ruling from Canada
Revenue Agency in respect of converting from a mutual fund
corporation to a real estate investment trust ("REIT") structure on
a tax-deferred basis.
Completion of this conversion will occur this year and will be
subject to shareholder approval. Further details will be provided
to shareholders in due course.
Michael Zakuta, Plazacorp's
President and CEO said, "We are excited about this conversion to a
REIT. A ruling request was initially submitted to CRA two years ago
and we have finally been successful in obtaining a ruling that will
permit us to meet our goals. The REIT structure is certainly the
more conventional and tax efficient way for investors to hold an
interest in real estate today and, for that reason, we believe that
this conversion will be beneficial for our shareholders."
Plazacorp acquires, develops and redevelops unenclosed and
enclosed retail real estate throughout Atlantic Canada, Quebec and Ontario, which are predominantly occupied by
national tenants (approximately 90% of the total). The Company's
portfolio includes interests in 118 properties totaling 5.2 million
square feet and additional lands held for development. These
include properties directly held by Plazacorp, its subsidiaries and
through joint ventures.
CAUTIONARY STATEMENTS REGARDING FORWARD LOOKING
INFORMATION
This news release contains forward looking
statements relating to our operations and the environment in which
we operate, which are based on our expectations, estimates,
forecasts and projections. These statements are not future
guarantees of future performance and involve risks and
uncertainties that are difficult to control or predict. Therefore,
actual outcomes and results may differ materially from those
expressed in these forward looking statements. Readers, therefore,
should not place undue reliance on any such forward looking
statements. Further, a forward looking statement speaks only as of
the date on which such statement is made. We undertake no
obligation to publicly update any such statement, to reflect new
information or the occurrence of future events or circumstances,
except for forward-looking information disclosed in prior
disclosures which, in light of intervening events, requires further
explanation to avoid being misleading.
Neither the 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.
SOURCE PLAZACORP RETAIL PROPERTIES LTD.