̶ Acquisition of former Sears
store in Saguenay seen as first of multiple opportunities
̶
FREDERICTON, Dec. 12, 2017 /CNW/ - Plaza Retail REIT
(TSX: PLZ.UN) ("Plaza" or the "REIT") today announced that it has
closed the previously announced acquisition of a 50% interest in a
prime retail property in Saguenay, Quebec for $3.25
million. The property, which was formerly leased to Sears
Canada, is ideally situated on Talbot Boulevard at the centre of
the region's busiest commercial area. The REIT intends to redevelop
the property into a multi-unit retail plaza comprising
approximately 100,000 square feet of gross leasable area.
"The acquisition of this property is an important strategic
transaction for Plaza," said Michael
Zakuta, President and CEO of the REIT. "The changing retail
landscape in Canada is presenting
compelling opportunities for us to leverage Plaza's core strengths
in development and redevelopment to grow the REIT and build 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 September 30, 2017 includes
interests in 295 properties totaling approximately 7.7 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 90%
national tenants. For more information, please
visit www.plaza.ca.
Forward-looking Information
This press release
contains forward-looking statements, which can generally be
identified by terms such as "intends" or other similar expressions
or phrases that do not relate to historical facts. Forward
looking statements in this press release include those which relate
to future opportunities for the REIT and to Plaza's intention to
redevelop the property as described. 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 those described in Plaza's Annual Information Form for
the year ended December 31, 2016 and
Management's Discussion and Analysis for the period ended
September 30, 2017 which can be
obtained on SEDAR at www.sedar.com. Forward-looking
statements are based on a number of expectations and assumptions,
including management's perceptions of historical trends, current
conditions and completion of the redevelopment as described.
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. These cautionary statements
qualify all forward-looking statements contained in this press
release.
SOURCE Plaza Retail REIT