Plazacorp Retail Properties Ltd.
agrees to purchase the Oromocto
Mall in Oromocto, New Brunswick
CNW / Oct 17, 2000
FREDERICTON, NB, Oct. 17 /CNW/ - Plazacorp Retail Properties Ltd. ("PLZ" on the Canadian Venture Exchange) is pleased to announce that it has reached an agreement in principal to purchase the Oromocto Mall, a 157,000 square foot shopping mall located in Oromocto, New Brunswick. This marks the 12th facility in Plazacorp's portfolio, which has seen operating revenues increase by over 300% to $4.7 million over the past year.
Plazacorp will purchase this property from Oromocto Property Developments Ltd. for $5.4 million.
Plazacorp will begin its redevelopment program for the Oromocto Mall as ,soon as the acquisition is completed, which is expected within the next two weeks. The plan will include significant redevelopment and the addition of a new major anchor. In addition, other capital improvements to the property will be undertaken, which will result in improved facilities for local shoppers and improved cash flows and enhanced value for shareholders.
"This acquisition is a perfect example of our strategy of revitalizing neglected retail property" said Earl Brewer, Plazacorp's President and CEO. "Redevelopment of the Oromocto Mall will be greatly boosted by our excellentworking relationship with major Canadian retailers".
Plazacorp Retail Properties Ltd. continues to grow as a leading owner and developer of shopping malls and strip plazas throughout Atlantic Canada and Quebec. Plazacorp's strategy is to maximize shareholder value by acquiring well located, but often neglected retail real estate, and improving cash flow through the implementation of a comprehensive redevelopment plan. |
