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Plazacorp Retail Properties Ltd. developments in Saint John and Shediac are two of five new retail properties in development in four provinces. The other projects are located in New Minas, Nova Scotia, Rouyn-Noranda, Quebec and Perth, Ontario.

Based in Fredericton, Plazacorp will invest approximately $25 million for its share of these five new developments and will add approximately 191,000 square feet to Plazacorp's portfolio of retail properties. The Ontario project will be developed with a joint venture partner and Plazacorp will own a 50 per cent interest in this project.

"We are pleased to be able to continue to grow our portfolio by developing high quality new projects. These new projects, located in four provinces, will further diversify our asset base and allow us to continue to grow our cash flow and deliver a reliable dividend to our shareholders." said Plazacorp president and CEO Michael Zakuta.

Plazacorp Retail Properties Ltd. is an owner of shopping malls and strip plazas throughout Atlantic Canada, Quebec and Ontario.

Plazacorp now owns interests in 91 properties comprising over 4.1 million square feet of retail real estate.