Plaza Retail to redevelop, manage 3 properties in joint venture with RioCan

TORONTO – The Plaza Retail REIT is planning to redevelop three RioCan properties, including Northumberland Square in Miramichi, N.B.

The other two properties are in Ontario: East Court Mall in Cornwall and Timiskaming Square in New Liskeard.

Plaza Retail (PLZ.UN) paid $11.5 million to acquire a 50 per cent interest in the properties by forming a joint venture with RioCan Real Estate Investment Trust (TSX: REI.UN).

RioCan says the joint venture will allow it to focus on Canada’s six major markets while Plaza Retail oversees redevelopment in the three smaller communities.