/NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES/

FREDERICTON, NB, March 31, 2016 /CNW/ - Plaza Retail REIT ("Plaza" or the "REIT") (TSX: PLZ.UN) announced today that it has closed its previously announced bought deal public offering (the "Offering") of 5,002,500 trust units (the "Units") of Plaza issued from treasury at a price of $4.60 per Unit for gross proceeds to the REIT of $23,011,500, representing the base offering size of 4,350,000 Units and the full exercise by the underwriting syndicate of the over-allotment option to purchase an additional 652,500 Units. The underwriting syndicate for the Offering was led by RBC Capital Markets.

This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities being offered have not been and will not be registered under the U.S. Securities Act of 1933 as amended and may not be offered or sold in the United States absent registration or pursuant to applicable exemption from registration.

ABOUT PLAZA

Plaza is an open-ended real estate investment trust and is a leading retail property owner and developer, particularly in Eastern Canada. Plaza's current portfolio includes interests in 302 properties totaling approximately 7.1 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 91% national tenants. For more information, please visit www.plaza.ca.

SOURCE Plaza Retail REIT