FREDERICTON, NB, Dec. 13, 2013 /CNW/ - Plazacorp Retail Properties Ltd.
("Plazacorp" or the "Company") (TSX: PLZ) is pleased to announce that
the plan of arrangement, which provides for the Company to convert to a
real estate investment trust ("REIT"), received final approval from the
Court of Queen's Bench of New Brunswick on December 12, 2013.
Plazacorp expects the REIT conversion to be effective as of January 1,
2014 and is subject to the satisfaction or waiver of certain customary
conditions.
ABOUT PLAZACORP
Plazacorp is a leading retail property owner and developer, particularly
in Eastern Canada. Plazacorp has an entrepreneurial focus with strong
"value-add" capabilities. Plazacorp's current portfolio includes
interests in approximately 341 properties totaling approximately 6.6
million square feet across Canada and additional lands held for
development. Plazacorp's properties include a mix of strip plazas,
stand-alone small box retail outlets and enclosed shopping centres,
anchored by approximately 90% national tenants. Total assets have
reached almost $1 billion. Plazacorp is fully internalized, therefore
providing shareholders directly with the synergies that come with an
internalized management structure. Plazacorp has proven its strong
"value-add" capabilities to develop, redevelop and acquire retail real
estate throughout Canada. Plazacorp has a strong track record of
generating growth in distributions, having increased its distributions
twelve times over the past 11 years.
CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements. Often, but not
always, forward-looking statements can be identified by the use of
words such as "plans", "expects" or "does not expect", "is expected",
"estimates", "intends", "anticipates" or "does not anticipate", or
"believes", or variations of such words and phrases or state that
certain actions, events or results "may", "could", "would", "might" or
"will" be taken, occur or be achieved. Forward-looking statements
involve known and unknown risks, uncertainties and other factors which
may cause the actual results, performance or achievements of Plazacorp
to be materially different from any future results, performance or
achievements expressed or implied by the forward-looking statements
contained in this press release. Examples of such statements include
the completion of the REIT conversion. Such forward-looking statements
are based on a number of assumptions that may prove to be incorrect,
including, but not limited to, the ability of the REIT to satisfy the
conditions necessary to complete the REIT conversion, including the
requirements of the Toronto Stock Exchange. There can be no assurances
that forward-looking statements will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not place
undue reliance on forward-looking statements. These cautionary
statements qualify all forward-looking statements attributable to
Plazacorp and persons acting on its behalf. Unless otherwise stated,
all forward-looking statements speak only as of the date of this press
release and Plazacorp undertakes no obligation to update such
statements except as required by law. The factors identified above are
not intended to represent a complete list of the factors that could
affect Plazacorp and the REIT. Additional information about these
assumptions and risks and uncertainties are more fully described in the
Company's regulatory filings that can be obtained on SEDAR at www.sedar.com.
SOURCE Plazacorp Retail Properties Ltd.
Visit our website at: www.plaza.ca
Or contact: Michael Zakuta, President and Chief Executive Officer, at (514) 457-0997 or Floriana Cipollone, Chief Financial Officer, at (416) 848-4583
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