FREDERICTON, Oct. 2, 2017 /CNW/ - Plaza Retail REIT (PLZ.UN:
TSX) ("Plaza" or the "REIT") today announced eight projects in
Atlantic Canada, Quebec and Ontario. Plaza has already invested
approximately $7.8 million to date on
these projects on land and other capital/construction costs, and
expects to invest approximately $5.3
million more, for total capital costs of $13.1 million (at Plaza's ownership
percentage). The projects are comprised of: (i) two newly
acquired ground-up projects; (ii) three redevelopments of existing
properties; and (iii) three expansions of existing
properties. Plaza expects to add approximately 107,000 square
feet to its portfolio (59,000 square feet at Plaza's ownership
percentage) through these projects. Details on the projects are
found in Appendix "A".
"We continue to grow and enhance our portfolio through high
quality developments and re-developments that are leased
to some of Canada's most
prominent retailers. Our proven ability to develop new ground-up
projects, as well as redevelop and expand newly acquired and
existing assets, distinguishes Plaza from many other public real
estate entities competing to acquire existing or finished
properties," said Michael Zakuta,
President and CEO. "Upon completion, these projects will increase
our cash flows, building value for our unitholders."
About Plaza
Plaza is an open-ended real estate
investment trust and is a leading retail property owner and
developer, particularly in Eastern Canada. Plaza's portfolio
at June 30, 2017 includes interests
in 296 properties totaling approximately 7.6 million square feet
across Canada and additional lands
held for development. Plaza's properties include a mix of
strip plazas, stand-alone small box retail outlets and enclosed
shopping centres, anchored by approximately 91% national tenants.
For more information, please visit www.plaza.ca.
Cautionary Statements Regarding Forward-Looking
Information
This press release contains forward-looking
statements. Forward-looking statements generally can be identified
by the use of forward-looking terminology such as "will",
"expects", "anticipates" or similar
variations. Examples of such statements in this press
release include those relating to future investments expected to be
made in the projects identified, square footage expected to be
added to Plaza's portfolio through such projects within anticipated
timelines and benefits expected to result from the projects.
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 general economic conditions, local market
circumstances and construction or other unforeseeable
delays. Such forward-looking statements are based on a number
of expectations and assumptions, including that the future
developments, redevelopments and expansions contemplated herein are
completed. 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. More detailed
information about assumptions, risks and uncertainties that could
affect Plaza is described in Plaza's Annual Information Form for
the year ended December 31, 2016 and
Management's Discussion and Analysis for the period ended
June 30, 2017 which can be obtained
on SEDAR at www.sedar.com. These cautionary
statements qualify all forward-looking statements contained in this
press release.
The TSX does not accept responsibility for the adequacy or
accuracy of this release.
Appendix A
Properties added
to development/ redevelopment
|
Sq. Ft. Upon
Completion
or to be
Added Upon
Expansion(1)
|
Ownership Interest
|
Occupied or
Committed to
Date
|
Anticipated
or Actual
Completion
Date
|
|
|
|
|
|
In Planning/In
Development:
|
|
|
|
|
Strip
Plaza:
|
|
|
|
|
Lawrence Avenue
Plaza, Toronto, ON (2)
|
7,540
|
100%
|
84.5%
|
Q3 2018
|
Single
Use:
|
|
|
|
|
6685 Century Avenue,
Mississauga, ON
|
70,000
|
50%
|
100%
|
Q2 2019
|
1943 Baseline Road,
Ottawa, ON (2)
|
1,590
|
100%
|
100%
|
Q1 2018
|
Expansion:
|
|
|
|
|
Bedford Commons
Plaza, Bedford, NS (2)
|
3,500
|
100%
|
100%
|
Q3 2018
|
|
|
|
|
|
In
Construction:
|
|
|
|
|
Strip
Plaza:
|
|
|
|
|
100 Saint-Jude Nord,
Granby, QC – Phase I (3)
|
14,258
|
8%
|
100%
|
Q3 2017
|
Single
Use:
|
|
|
|
|
3000 Bd. St. Charles,
Kirkland, QC (2)
|
2,554
|
100%
|
100%
|
Q1 2018
|
Expansion:
|
|
|
|
|
Welton Street Plaza,
Sydney, NS (2)
|
3,850
|
100%
|
100%
|
Q3 2017
|
Powell Drive Plaza,
Carbonear, NL (2)
|
4,000
|
100%
|
100%
|
Q3 2017
|
|
|
|
|
|
Total
|
107,292
|
|
|
|
|
(1) At
100% regardless of percentage ownership in the property.
|
|
(2) This
is an existing property being redeveloped or expanded.
|
|
(3) This
is owned in a limited partnership that is part of Plaza's
non-consolidated investments.
|
SOURCE Plaza Retail REIT