− Site work has already begun on
retailer's new store in Galway development −
FREDERICTON, March 28, 2018 /CNW/ - Plaza Retail REIT (TSX:
PLZ.UN) ("Plaza") and its joint venture partner DewCor ("DewCor")
today announced they have concluded a land transaction with
Costco Wholesale Canada Ltd. ("Costco") in The Shoppes at Galway
outdoor retail centre ("Galway") in St.
John's, Newfoundland. Costco will be relocating its
store in the city to Galway with current plans to open to the
public in Fall, 2018.
"We are pleased to welcome Costco to our Galway development,"
said Michael Zakuta, President and
CEO of Plaza. "We believe their relocation within St. John's will have a significant impact on
shifting the retail focus to the west-end of the city."
"We are so pleased to welcome Costco and their extensive
customer base to Galway," said Danny
Williams. "This represents a significant step in the
progression of Galway, as Costco is a key anchor tenant for the
area. We look forward to seeing this brand new, expanded store open
for business this year."
Part of a 2,400 master-planned community, the Shoppes at Galway
comprises over 700,000 square feet and is Atlantic Canada's largest retail project
currently under development. In addition to Costco, Galway
will consist of national and local retailers in the value,
convenience, entertainment and food categories. Construction on the
first phases of this development commence this summer, with
openings slated for Spring, 2019.
About DewCor
DewCor is owned and operated by
Danny Williams – businessperson,
lawyer, and former Premier of Newfoundland and Labrador. Established in 2013, DewCor has
several dynamic business ventures that consist of everything from
the new comprehensive 2,400-acre development in St. John's, NL, featuring an innovative blend
that includes the Galway Business Centre, Shoppes at Galway and
Galway Living, golf courses, and charitable
organizations. United by an entrepreneurial spirit, DewCor
companies are driven to take initiative, think creatively,
collaborate, and innovate. Across each subsidiary, DewCor operates
with a standard to expect more, developing unique opportunities and
building communities where people want to live, work, and play.
Simply put, DewCor believes in developing a better tomorrow for
Newfoundland and Labrador.
About Plaza
Plaza is an open-ended real estate
investment trust and is a leading retail property owner and
developer, focused on Ontario,
Quebec and Atlantic Canada.
Plaza's portfolio at December 31,
2017 includes interests in 298 properties totaling
approximately 7.8 million square feet across Canada and additional lands held for
development. Plaza's properties include a mix of strip
plazas, stand-alone small box retail outlets and enclosed shopping
centres, anchored by approximately 90% national tenants.
For more information, please visit www.plaza.ca.
Cautionary Statements regarding Forward-looking Information -
Plaza
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",
"plans", "believes", "expects" and other similar variations,
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 timing and
impact of the relocation and opening of Costco, as well as the
expected timing and construction of additional development for
other retailers at the site. 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 general economic and market factors
and those described in Plaza's Annual Information Form for the year
ended December 31, 2017 and
Management's Discussion and Analysis for the period ended
December 31, 2017, which can both be
obtained on SEDAR at www.sedar.com. Forward-looking statements are
based on a number of expectations and assumptions made in light of
management's experience and perceptions of historical trends and
current conditions including that the relocation and additional
developments described will be completed. Although the
forward-looking statements contained in this press release are
based upon information currently available to management and what
management believes are reasonable expectations and assumptions,
there can be no assurances that forward-looking statements will
prove to be accurate. Therefore, readers should not place undue
reliance on forward-looking statements. All forward-looking
statements speak only as of the date of this press release and
Plaza undertakes no obligation to update such statements, except as
required by law. These cautionary statements qualify all
forward-looking statements contained in this press release.
SOURCE Plaza Retail REIT