PLAZA RETAIL REIT ANNOUNCES NEW PROPERTY ACQUISITIONS IN QUEBEC AND ONTARIO AND PROVIDES UPDATE ON DEVELOPMENT PROJECTS


FREDERICTON, NB, Jan. 19, 2022 /CNW/ – Plaza Retail REIT (“Plaza” or the “Belief”) (TSX: PLZ.UN) is happy to announce that it has acquired pursuits in three new properties in Quebec and Ontario and to supply an replace on ongoing growth and redevelopment initiatives. 

Acquisitions

Plaza has acquired pursuits within the following properties for growth or redevelopment:

  • St-Joseph Boulevard, Drummondville, Quebec: this website is anchored by a newly-opened Maxi (Loblaw) grocery retailer. Plaza intends to redevelop 34,000 sq. ft of vacant house and add extra retail house. This website may have a gross leasable space of 81,000 sq. ft upon completion. Plaza owns a 50% curiosity on this property.
  • Nook of Royaume Boulevard West and Talbot Boulevard, Chicoutimi (Saguenay) Quebec: land was bought for a brand new 90,000 sq. foot retail growth, for which important pre-leasing is already in place. Plaza owns a 37.5% curiosity on this property.
  • Mapleview Drive West, Barrie, Ontario: situated on a key thoroughfare in southern Barrie, this land is meant for a 60,000 sq. foot grocery-anchored growth, nearly all of which has been pre-leased. Plaza owns a 50% curiosity on this property.

“These purchases exhibit our dedication to construct on our already sturdy growth pipeline” stated Michael Zakuta, Plaza’s President and CEO.  “We’re happy to have the ability to proceed to develop our portfolio by buying and growing prime quality property that present Plaza with each quick and long-term alternatives to construct worth for unitholders.”

Growth Replace

Plaza additionally continues to execute on present growth and redevelopment initiatives, together with:

  • Tri-Metropolis Plaza, Cambridge, Ontario: Part I of this redevelopment is predicted to be accomplished this spring, and Part II will probably be beginning in February. Nearly all of this redevelopment has been pre-leased.
  • Northern Avenue Plaza, Sault Ste. Marie, Ontario: the lease buyout of a non-operating giant field tenant at this grocery-anchored website allowed Plaza to redevelop and fill the massive field house with a number of tenants. Part I of the redevelopment is anchored by Princess Auto and is at the moment below development. Subsequent phases of the redevelopment are anticipated to start out in late 2022.
  • Taunton Street, Oshawa, Ontario: development for this 46,000 sq. foot grocery-anchored growth has just lately commenced and is predicted to be accomplished in mid-2023.
  • Plaza des Laurentides, Saint-Jérôme (better Montréal), Quebec – Part III: Plaza has accomplished leases on 54,000 sq. ft of extra house and anticipates beginning development shortly. This growth is predicted to be accomplished within the first quarter of 2023.

“We’re pleased with how these initiatives are progressing and with our capability to boost our portfolio, not solely via new property acquisitions, but in addition via ongoing growth and redevelopment initiatives akin to these,” stated Mr. Zakuta.  “Upon completion, these initiatives will improve our FFO and money flows and contribute even additional to unitholder worth.” 

“Our confirmed capability to develop new ground-up initiatives, in addition to redevelop newly acquired and present property, units us aside.  We sit up for extra alternatives that may permit us to attract on our experience for the good thing about our unitholders.”

About Plaza
Plaza is an open-ended actual property funding belief and is a number one retail property proprietor and developer, targeted on Ontario, Quebec and Atlantic Canada.  Plaza’s portfolio at September 30, 2021 consists of pursuits in 255 properties totaling roughly 8.6 million sq. ft throughout Canada and extra lands held for growth.  Plaza’s portfolio largely consists of open-air centres and stand-alone small field shops and is predominantly occupied by nationwide tenants.  For extra data, please go to www.plaza.ca.

Cautionary Statements Concerning Ahead-Wanting Data
This press launch comprises forward-looking statements with respect to Plaza and its operations, which may usually be recognized by way of forward-looking phrases akin to “will”, “anticipate”, “anticipate”, “intend”, “proceed” and variations of such phrases and comparable expressions or phrases that don’t relate to historic information.  Ahead trying statements on this press launch embrace, however will not be restricted to, these which relate to the anticipated graduation of development and completion of growth and redevelopment initiatives throughout the timeframes recognized and that the initiatives will improve FFO and money flows upon completion.  Ahead-looking statements contain recognized and unknown dangers, uncertainties and different components which can trigger the precise outcomes, efficiency or achievements of Plaza to be materially totally different from any future outcomes, efficiency or achievements expressed or implied by the forward-looking statements contained on this press launch together with, however not restricted to, the period of the COVID-19 pandemic and its affect on the enterprise, operations and monetary situation of the Belief, its tenants and the economic system normally; modifications in financial, retail, capital market, or debt market situations; Plaza’s capability to lease or re-lease house at present or anticipated rents; and people described in Plaza’s Annual Data Type for the yr ended December 31, 2020 and Administration’s Dialogue and Evaluation for the three months ended September 30, 2021, which may each be obtained on SEDAR at www.sedar.com.  Though the forward-looking statements contained on this press launch are primarily based upon data at the moment out there to administration and what administration believes are affordable expectations and assumptions, there may be no assurances that forward-looking statements will show to be correct. Subsequently, readers shouldn’t place undue reliance on forward-looking statements. All forward-looking statements communicate solely as of the date of this press launch and Plaza undertakes no obligation to replace such statements, besides as required by legislation. These cautionary statements qualify all forward-looking statements contained on this press launch.

SOURCE Plaza Retail REIT

For additional data: Michael Zakuta, President & Chief Govt Officer, Plaza Retail REIT, Tel: 514.919.5041; Jim Drake, Chief Monetary Officer, Plaza Retail REIT, Tel: 902.483.4064



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