FREDERICTON, NB, July 7, 2026 /CNW/ - Plaza Retail REIT ("Plaza" or the "REIT") (TSX: PLZ.UN) responded today to a press release issued by Axia Real Assets LP ("Axia") regarding its submission of an unsolicited proposal to purchase the REIT. Plaza confirms that it has received a proposal for a take-private transaction from Axia (the "Proposal") at a proposed price of $5.28 per unit.

The Proposal was not initiated or solicited by Plaza. Following receipt of the Proposal, the Board of Trustees of Plaza formed a special committee of independent trustees (the "Special Committee") to carefully consider the Proposal, its terms and conditions, and potential strategic alternatives, with a view to determining the course of action that is in the best interests of the REIT and all unitholders. The Special Committee had informed Axia of its intention to engage financial and legal advisors in order to fully consider the Proposal. The Special Committee subsequently retained TD Securities as financial advisor and Blake Cassels & Graydon LLP as legal advisor.

Plaza owns and operates an attractive portfolio of primarily necessity-based and performing retail assets that is well-suited to the current retail investment market. The Special Committee, with assistance of its financial and legal advisors, will evaluate the Proposal in the context of Plaza's business plan and any other alternatives that may be available to maximize value for unitholders.

No decision has been made with respect to the Proposal, and there can be no assurance that the Proposal will result in any transaction.

Plaza unitholders do not need to take any action at this time. The REIT does not intend to make any further public comment regarding the Proposal or the review process unless and until it determines that additional disclosure is in the best interests of unitholders or required by law.

ABOUT PLAZA

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 March 31, 2026 includes interests in 190 properties totaling approximately 8.8 million square feet across Canada and 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.

SOURCE Plaza Retail REIT