By Adriano Marchese
Plaza Retail REIT said Tuesday that it plans to buy back up to 10% of its issued and outstanding trust units over the course of a one-year period.
The Canadian retail property-focused REIT said that the Toronto Stock Exchange has approved its normal course issuer bid to buy back up to 7.1 million trust units.
The stock has fallen nearly 15% in 2023, closing on Monday at 3.82 Canadian dollars ($2.84). Over the course of the last 52 weeks, the stock is down about 2.1%.
At Monday’s closing price, the value of the shares would be worth about C$27.2 million.
Plaza REIT plans to begin repurchasing trust units on Sept. 28, with the program expected to run until Sept. 27 of next year.
Write to Adriano Marchese at [email protected]
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