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Plaza Retail REIT to Leverage Core Strengths to Capitalize on Changing Retail Landscape
Plaza Retail REIT to Leverage Core Strengths to Capitalize on Changing Retail Landscape ...
About this update from Plaza Retail Reit
[{"type":"text","content":"\n\n\n\nPlaza Retail REIT to Leverage Core Strengths to Capitalize on Changing Retail Landscape\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, Dec. 12, 2017\n\n\n\n̶  Acquisition of former Sears store in Saguenay seen as first of multiple opportunities  ̶ \n\n\n\nFREDERICTON, 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.\n\n\"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.\"\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.  For more information, please visit www.plaza.ca.  \n\nForward-looking InformationThis 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 p...