Business
Plaza Retail REIT Announces the Successful Sale of Eight Single-Tenant Properties
Plaza Retail REIT Announces the Successful Sale of Eight Single-Tenant Properties ...
About this update from Plaza Retail Reit
[{"type":"text","content":"\n\n\n\nPlaza Retail REIT Announces the Successful Sale of Eight Single-Tenant Properties\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 2, 2019\n\n\n\n−An example of Plaza selling stabilized assets in order to recycle capital for more value-add projects− \n FREDERICTON, May 2, 2019 /CNW/ - Plaza Retail REIT (TSX: PLZ.UN) (\"Plaza\") today announced that it has successfully completed the sale of eight single-tenant properties in four separate transactions for total consideration of $9,900,000.  The fully-leased properties total 19,309 square feet and are located in Winnipeg, London, Ottawa and Halifax.  \n\"We believe that we have extracted maximum value from these non-core single-tenant properties,\" said Michael Zakuta, President and CEO of Plaza.  \"The proceeds from these sales will be redeployed in future development and redevelopment projects that will generate yields well in excess of the transactions' combined capitalization rate and will ultimately create additional value for unitholders.\"\nThe combined capitalization rate for these transactions is 5.9%.  \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, which can generally be identified by the use of forward-looking words such as \"will\" and other expressions or phrases that do not relate to historical facts. Forward looking statements in this press release in...