Business
Plaza Retail REIT Announces the Sale of a 50% Interest in 1000 Islands Mall, Brockville, Ontario
Plaza Retail REIT Announces the Sale of a 50% Interest in 1000 Islands Mall, Brockville, O...
About this update from Plaza Retail Reit
[{"type":"text","content":"\n\n\n\nPlaza Retail REIT Announces the Sale of a 50% Interest in 1000 Islands Mall, Brockville, 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, May 31, 2018\n\n\n\n− Plaza has commenced redevelopment of this enclosed mallincluding a vacant former Sears store − \n\n\n\nFREDERICTON, May 31, 2018 /CNW/ - Plaza Retail REIT (TSX: PLZ.UN) (\"Plaza\") today announced that it has successfully completed the sale of a 50% joint venture interest in the 1000 Islands Mall in Brockville, Ontario.  This transaction is another example of Plaza executing on its core business strategy to undertake value-add redevelopment projects while remaining prudent with its capital allocations.\n\nPlaza has commenced the redevelopment of the existing enclosed mall into a viable and simplified community strip centre, including the renovation and re-leasing of a vacant Sears store.  \n\n\"We are happy with how this project is progressing and are pleased to welcome our new partner to this joint venture.\" said Michael Zakuta, President and CEO of Plaza.  \"We look forward to successfully transforming this asset into a viable shopping destination for the greater Brockville area.\"\n\nPlaza intends to simplify the mall by adding new national retailers, relocating some existing retailers, and mothballing redundant space.  Construction is expected to be completed over the next 12 to 18 months. \n\nAbout Plaza Plaza 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 March 31, 2018 includes interests in 297 properties totaling approximately 8.1 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.  \n\nCautionary Statements regarding Forward-looking Information This press release ...