FREDERICTON,
NB, May 2, 2013 /CNW/ -
Plazacorp Retail Properties Ltd. ("Plazacorp" or the "Company")
(TSXV: PLZ) announced today that it has completed a private
placement of $4 million in unsecured
debentures (the "Debentures"). The Debentures have a five year term
and bear interest at 5.00% per annum, payable monthly in
arrears. Proceeds will be used: to match a loan provided to a
vendor/major retailer as part of Plazacorp's purchase of
development lands located in an important retail node in
Dieppe, New Brunswick; to provide
general financing to Plazacorp for acquisitions currently under
contract in Quebec; and for
general working capital purposes.
The Debentures are subject to a four month hold
period which expires on June 27,
2013, August 16, 2013 and
September 3, 2013 and are subject to
final approval of the TSX Venture Exchange.
Plazacorp acquires, develops and redevelops
unenclosed and enclosed retail real estate throughout Atlantic Canada, Quebec and Ontario, which are predominantly occupied by
national tenants (approximately 90% of the total). The
Company's portfolio includes interests in 119 properties totaling
5.2 million square feet and additional lands held for
development. These include properties directly held by
Plazacorp, its subsidiaries and through joint ventures.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
SOURCE PLAZACORP RETAIL PROPERTIES LTD.