Plazacorp To Develop Five New Retail Properties
In all, the corporation will be investing approximately $20.5m for its share of these five new developments and will add approximately 147,000 square feet to Plazacorp's portfolio of retail properties.
All five projects are substantially leased to national retailers. The two Ontario projects and one Newfoundland project are being developed with joint venture (JV) partners. Plazacorp will own a 50 percent interest in the two Ontario projects. Plazacorp will own 90 percent of the Newfoundland JV project.
Michael Zakuta, president and CEO of Plazacorp, said: “We are pleased to be able to continue to grow our portfolio by developing high quality new projects that are leased to Canada's best retailers. These projects confirm our ability to source new development projects across a wide geography.
“Upon completion, these new 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.”
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