Plaza Retail REIT (Plaza) announces the purchase of Tri-City Centre in Cambridge, Ont.

The 197,000 square foot centre is located in the heart of the main commercial district of Cambridge just north of Highway 401 and east of Highway 24 in the fast-growing Regional Municipality of Waterloo.

“Tri-City Centre presents an excellent opportunity for Plaza to extract value from this asset via redevelopment and the addition of density on the site,” said Michael Zakuta, President and CEO of Plaza in trust’s latest press release.

According to the press release Plaza purchased a 50 per cent managing interest in this centre for $12,650,000 through a capital partner arrangement.

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.

“This purchase provides Plaza with both immediate and long-term opportunities to use our strong leasing and development platforms to create value for unitholders,” Zakuta added.