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

FREDERICTON, NB, March 28, 2023 /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 8,548,000 trust units (the "Units") of Plaza issued from treasury at a price of $4.68 per Unit for gross proceeds to the REIT of $40,004,640. The underwriting syndicate for the Offering was co-led by RBC Capital Markets and CIBC Capital Markets (the "Underwriters").

Plaza has granted the Underwriters an over-allotment option (the "Over-Allotment Option"), exercisable in whole or in part up to 30 days after closing, to purchase up to an additional 1,282,200 trust units to cover over-allotments, if any. Any units issued under the Over-Allotment Option will be issued by Plaza from treasury.

As previously announced, Plaza intends to use the net  proceeds from the Offering, together with existing liquidity, to fund the repayment of all of the REIT's Series E 5.10% convertible subordinated unsecured debentures (the "Series E Debentures"), which mature on March 31, 2023.

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.

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, 2022 includes interests in 251 properties totaling approximately 8.8 million square feet across Canada, as well as additional lands held for development. Plaza's portfolio largely consists of open-air centres and stand-alone small box retail outlets and is predominantly occupied by national tenants, with a focus on the essential needs, value and convenience market segments. For more information, please visit www.plaza.ca.

This press release contains forward-looking statements with respect to the REIT and the Offering. These statements generally can be identified by the use of forward-looking words such as "forecast", "may", "will", "would", "expect", "estimate", "planned", 'anticipate", "intend", "believe" or "continue" or the negative thereof or similar variations, and include, without limitation, statements with respect to the intended use of proceeds of the Offering and the repayment of Series E Debentures. Forward-looking statements are not future guarantees of future performance and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the REIT to be materially different from any future results, performance or achievements expressed, implied projected by forward-looking statements contained in this press release. Factors that could cause actual results to differ materially from expectations include, among other things, those described in Plaza's Annual Information Form for the year ended December 31, 2021 and Management's Discussion and Analysis for the year ended December 31, 2022, as well as the REIT's final short form prospectus dated March 22, 2023, each of which can be obtained under the REIT's profile on SEDAR at www.sedar.com. The cautionary statements qualify all forward-looking statements attributable to the REIT and persons acting on its behalf.

SOURCE Plaza Retail REIT

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