As a result of this transaction, Plazacorp will receive net consideration of $9.4 million dollars (in cash and through the assumption of debt). Plazacorp will retain the remaining 50% ownership interest in the property.

"We are very pleased to have completed a second joint venture with Kimco Realty Corporation. This transaction represents another opportunity for Plazacorp to marry its development and leasing expertise with Kimco's financial strength and extensive shopping centre experience."

"This transaction will also generate capital to fund new development opportunities in Atlantic Canada, Quebec and Ontario that will allow Plazacorp to continue to grow and create value without diluting its shareholders," said Michael Zakuta, President and CEO of Plazacorp Retail Properties Ltd. -- www.cnxmarketlink.com