Acquisitions
Plaza has acquired interests in the following properties for development or redevelopment:
St-Joseph Boulevard ,Drummondville, Quebec : this site is anchored by a newly-openedMaxi (Loblaw) grocery store. Plaza intends to redevelop 34,000 square feet of vacant space and add additional retail space. This site will have a gross leasable area of 81,000 square feet upon completion. Plaza owns a 50% interest in this property.- Corner of
Royaume Boulevard West andTalbot Boulevard ,Chicoutimi (Saguenay)Quebec : land was purchased for a new 90,000 square foot retail development, for which significant pre-leasing is already in place. Plaza owns a 37.5% interest in this property. Mapleview Drive West ,Barrie, Ontario : located on a key thoroughfare in southernBarrie , this land is intended for a 60,000 square foot grocery-anchored development, the majority of which has been pre-leased. Plaza owns a 50% interest in this property.
"These purchases demonstrate our commitment to build on our already robust development pipeline" said
Development Update
Plaza also continues to execute on existing development and redevelopment projects, including:
Tri-City Plaza ,Cambridge, Ontario : Phase I of this redevelopment is expected to be completed this spring, and Phase II will be starting in February. The majority of this redevelopment has been pre-leased.Northern Avenue Plaza ,Sault Ste. Marie, Ontario : the lease buyout of a non-operating large box tenant at this grocery-anchored site allowed Plaza to redevelop and fill the large box space with multiple tenants. Phase I of the redevelopment is anchored by Princess Auto and is currently under construction. Subsequent phases of the redevelopment are expected to start in late 2022.Taunton Road ,Oshawa, Ontario : construction for this 46,000 square foot grocery-anchored development has recently commenced and is expected to be completed in mid-2023.- Plaza des Laurentides, Saint-Jérôme (greater
Montréal ),Quebec – Phase III: Plaza has completed leases on 54,000 square feet of additional space and anticipates starting construction shortly. This development is expected to be completed in the first quarter of 2023.
"We are happy with how these projects are progressing and with our ability to enhance our portfolio, not only through new property acquisitions, but also through ongoing development and redevelopment projects such as these," said
"Our proven ability to develop new ground-up projects, as well as redevelop newly acquired and existing assets, sets us apart. We look forward to more opportunities that will allow us to draw on our expertise for the benefit of our unitholders."
About Plaza
Plaza is an open-ended real estate investment trust and is a leading retail property owner and developer, focused on
Cautionary Statements Regarding Forward-Looking Information
This press release contains forward-looking statements with respect to Plaza and its operations, which can generally be identified by the use of forward-looking words such as "will", "expect", "anticipate", "intend", "continue" and variations of such words and similar expressions or phrases that do not relate to historical facts. Forward looking statements in this press release include, but are not limited to, those which relate to the expected commencement of construction and completion of development and redevelopment projects within the timeframes identified and that the projects will increase FFO and cash flows upon completion. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Plaza to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements contained in this press release including, but not limited to, the duration of the COVID-19 pandemic and its impact on the business, operations and financial condition of the Trust, its tenants and the economy in general; changes in economic, retail, capital market, or debt market conditions; Plaza's ability to lease or re-lease space at current or anticipated rents; and those described in Plaza's Annual Information Form for the year ended
SOURCE
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