Jason Parravano
to succeed Michael Zakuta as
President & CEO;
Michael Zakuta to continue to serve
as Trustee
FREDERICTON, NB, Oct. 15, 2024 /CNW/ - Plaza
Retail REIT ("Plaza" or the "Trust") (TSX: PLZ.UN) today announced
that Jason Parravano will succeed
Michael Zakuta as President &
Chief Executive Officer of Plaza, effective January 2, 2025.
Jason Parravano, currently
serving as the Trust's Chief Operating Officer, joined Plaza on
January 8, 2024 and has provided
leadership and vision in overseeing all of the Trust's day-to-day
activities. He has immersed himself in the Plaza culture and
led the teams responsible for all aspects of the Trust's portfolio,
including investment, leasing, operations, asset management,
development, redevelopment and construction activities. He has also
played a leading role in shaping and coordinating the
implementation of the Trust's strategy going forward.
Jason came to Plaza with extensive experience in commercial real
estate. Before joining Plaza, Jason spent eight years at
Canadian Net Real Estate Investment Trust, where he was President
& Chief Executive Officer from 2017 to 2023. He is a graduate
of Concordia University's John Molson School of Business and holds a
Chartered Professional Accountant (CPA) designation.
"The Board has every confidence in Jason's ability to assume
responsibility for the overall leadership, strategic direction and
business performance of the Trust. He possesses a deep
understanding of our business and the industry and we look forward
to working with him in continuing to advance the Trust's strategic
objectives and driving growth for many years to come," said
Doug McGregor, Chair of the
Board.
Michael will commence transitioning the President & CEO role
to Jason immediately and will continue to serve unitholders as a
member of the board of trustees (the "Board") following the
transition. "Michael has been central to all of the Trust's
major achievements. His contributions to Plaza have been
immense," added Doug McGregor. "We
have benefitted greatly from Michael's dedication, strategic real
estate knowledge and leadership for almost 20 years and are
grateful to have his continued support on the Board."
"I have been extremely fortunate to work with the team at Plaza
and am proud of their accomplishments over the years. They have
helped put together a high-quality portfolio which is a tremendous
foundation upon which to build," said Michael Zakuta, President & CEO. "I
look forward to transitioning the leadership of the Trust to
Jason's capable hands and continuing as an active member of the
Board."
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 June 30,
2024 includes interests in 225 properties totaling
approximately 8.9 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.
CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING
INFORMATION
This press release contains forward-looking statements relating
to Plaza's operations, prospects, outlook and condition, including
with respect to Plaza's expectations regarding the future of its
business. 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 Plaza to be materially different
from any future results, performance or achievements expressed,
implied or projected by forward-looking statements contained in
this press release, including but not limited to changes in
economic, retail, capital market, or debt market conditions,
including recessions and changes in, or the extent of changes in,
interest rates and the rate of inflation; supply chain constraints;
competitive real estate conditions; and others described in Plaza's
Annual Information Form for the year ended December 31, 2023 and Management's Discussion and
Analysis for the three and six months ended June 30, 2024 which can be obtained on the
Trust's website at www.plaza.ca or on SEDAR+ at www.sedarplus.ca.
Forward-looking statements are based on a number of expectations
and assumptions made in light of management's experience and
perceptions of historical trends and current conditions, including
the availability of opportunities for growth, the strength of
Plaza's tenant base, that tenant demand for space continues and
that Plaza is able to lease or re-lease space at anticipated rents.
Although based upon information currently available to management
and what management believes are reasonable expectations and
assumptions, there can be no assurances that forward-looking
statements will prove to be accurate. Readers, therefore, should
not place undue reliance on any forward-looking statements. Plaza
undertakes no obligation to publicly update any such statements,
except as required by law. These cautionary statements qualify all
forward-looking statements contained in this press release.
SOURCE Plaza Retail REIT