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Plaza Retail REIT Announces the Acquisition of Tri-City Centre in Cambridge, Ontario
Plaza Retail REIT Announces the Acquisition of Tri-City Centre in Cambridge, Ontario ...
About this update from Plaza Retail Reit
[{"type":"text","content":"\n\n\n\nPlaza Retail REIT Announces the Acquisition of Tri-City Centre in Cambridge, Ontario\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nFREDERICTON, April 25, 2019\n\n\n\n−Another example of Plaza acquiring well-located assets with redevelopment opportunities− \n FREDERICTON, April 25, 2019 /CNW/ - Plaza Retail REIT (TSX: PLZ.UN) (\"Plaza\") today announced that it has successfully completed the purchase of Tri-City Centre in Cambridge, Ontario.  This 197,000 square foot centre is well-located adjacent to Highway 401 in the fast-growing Regional Municipality of Waterloo.  \n\"Tri-City Centre presents an excellent opportunity for Plaza to extract value from this asset via redevelopment and the addition of density on the site.\" said Michael Zakuta, President and CEO of Plaza.  \"This purchase provides Plaza with both immediate and long-term opportunities to use our strong leasing and development platforms to create value for unitholders.\"\nThrough a capital partner arrangement, Plaza purchased a 50% managing interest in this centre for $12,650,000.  \nAbout Plaza \nPlaza is an open-ended real estate investment trust and is a leading retail property owner and developer, focused on Ontario, Quebec and Atlantic Canada.  Plaza's portfolio at December 31, 2018 includes interests in 287 properties totaling approximately 8.2 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.    \nCautionary Statements regarding Forward-looking Information \nThis press release contains forward-looking statements with respect to Plaza and its operations that do not relate to historical facts. Forward looking statements in this press release include, but are not limited to, those which relate to the value generating capabilities of Plaza with respect to this property.  Forward-looking ...