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Plaza Retail REIT plans six Canadian retail projects


Fredericton, Canada -- Plaza Retail REIT plans six new Canadian retail projects: four new re-developments and two new ground-up development projects. Four projects are located in Quebec, one in Atlantic Canada and one in Ontario.

In all, Plaza will be investing approximately $24 million for its share of these six new projects and will add approximately 155,000-sq.-ft. to its portfolio of retail properties (at Plaza's ownership percentage). The Ontario project and three Quebec projects are being developed with joint venture partners.

"We are pleased to be able to continue to grow by adding high quality development and re-development projects to our portfolio that are leased to Canada's best retailers,” said Plaza's president and CEO Michael Zakuta. “Our ability to develop new high quality projects distinguishes us from most other public real estate entities that are competing to acquire existing or finished properties. Upon completion, these properties will further diversify our asset base and allow us to continue to grow our cash flow and deliver reliable distributions to our unitholders."

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