[FREDERICTON, NB] — Plazacorp Retail Properties Ltd. announced today that it will develop six new retail properties. Three projects are located in Quebec, one in Nova Scotia, one in New Brunswick and one in Newfoundland.
In all, the Corporation will be investing approximately $20 million for its share of these six new projects and will add approximately 120,000 square feet to Plazacorp's portfolio of retail properties (at PLZ's ownership percentage). The Nova Scotia and Quebec projects are being developed with joint venture partners.
"We are pleased to be able to continue to grow our portfolio by developing high quality projects that are leased to Canada's best retailers... Upon completion, these properties will further diversify our asset base and allow us to continue to grow our cash flow and deliver a reliable dividend to our shareholders," said Plazacorp president and CEO Michael Zakuta.
Plazacorp Retail Properties Ltd. is an owner of shopping malls and strip plazas throughout Atlantic Canada, Quebec and Ontario. Plazacorp now owns interests in 116 properties comprising over 5.1 million square feet of retail real estate.