Plaza continues to recycle capital and redeploy it in value-add development and redevelopment opportunities
Plaza Retail REIT (TSX: PLZ.UN) (“Plaza”) today announced that it has successfully completed the sale of eight non-core, single-tenant assets located in Calgary, Airdrie and Sherwood Park, Alberta, for $12,150,000, representing a portfolio capitalization rate of 5.3%.
“The sale of these assets is another example of Plaza extracting value” said Michael Zakuta, President and CEO of Plaza. “We have worked to stabilize these assets and maximize value, and with this sale we can redeploy this capital into our healthy pipeline of other value-add opportunities.”
Plaza acquired these assets when it purchased KeyREIT in 2013 and has since seen steady cash flow from them. The portfolio totals 18,275 square feet.