Business
Plaza Retail REIT sells 50% interest in eight properties to recycle capital for new value add developments
Plaza Retail REIT sells 50% interest in eight properties to recycle capital for new value ...
About this update from Plaza Retail Reit
[{"type":"text","content":"\n\n\n\nPlaza Retail REIT sells 50% interest in eight properties to recycle capital for new value add developments\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\n\n\n\n\n\n\nCanada NewsWire\nFREDERICTON, Dec. 14, 2017\n\n\n\nFREDERICTON, Dec. 14, 2017 /CNW/ - Plaza Retail REIT (\"Plaza or the \"REIT\") (TSX: PLZ.UN) today announced that it has sold a 50% non-managing interest in eight retail properties in New Brunswick and Nova Scotia to a syndicated group of investors for total proceeds of $17.3 million, including cash proceeds of $7.3 million and assumption of debt of $10.0 million. The net proceeds raised from this partial sale of mature properties will be recycled into new capital projects.\n\nPlaza has a unique opportunity to leverage its core strengths in development and re-development to capitalize on the changing retail landscape in Canada. This includes converting big box retail properties into multi-unit retail plazas. The net proceeds of this sale will be applied to the REIT's strong pipeline of opportunities, and are expected to generate higher returns for unitholders. \n\nAbout PlazaPlaza 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.  \n\nForward-looking InformationThis press release contains forward-looking statements, which can generally be identified by terms such as \"will\", \"expects\" 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 application of the proceeds of the partial sale and the expectation that higher returns for unitholders will be generated.  Forward-looking statements invo...