Crombie Real Estate Investment Trust T.CRR.UN

Kimco in Nfld!? Crombie should do JV

[baudelaire]

Plazacorp Retail Properties Ltd. and Kimco Realty Corporation announce the Acquisition of The Village Shopping Centre in St. John's Newfoundland FREDERICTON, March 23 /CNW/ - Plazacorp Retail Properties Ltd. and Kimco Realty Corporation have announced that they have acquired The Village Shopping Centre in St. John's, Newfoundland for $20 million. The Village Shopping Centre is a 474,600 square foot enclosed mall that occupies 27.43 acres of land in southwest St. John's. The property has many national and regional retailers and is ideally situated at 430 Topsail Road, to serve a broad local trade area of over 200,000 residents. "We are very pleased with the opportunity to acquire The Village Shopping Centre. We plan to make significant changes to the property including extensive renovations and the addition of new retailers. This property represents our initial expansion into the Province of Newfoundland and Labrador. It is also very exciting for Plazacorp to be partnering with Kimco Realty Corporation. This transaction will be our first joint-venture with Kimco and represents an exciting opportunity for Plazacorp to marry its development and leasing expertise in Atlantic Canada with Kimco's financial strength and extensive shopping centre experience," said Michael Zakuta, President and CEO of Plazacorp. From Kimco Realty website