Retail REIT Buys Out Joint Venture Partner
Tanger Factory Outlet Centers (NYSE: SKT) has acquired nine outlet centers owned by a Blackstone Real Estate Advisors' affiliate for $282.5 million. Tanger already owned a third of the 3.3 million sq. ft. Charter Oak portfolio. The acquisition will increase the square footage of Tanger's real estate portfolio by 66%, from 4.9 million sq. ft. to 8.2 million sq. ft. The nine centers are scattered across the country, however, most are located in the southeast.
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"The Charter Oak portfolio, which we now wholly own, has performed well in the past two years," says Stanley Tanger, chief executive officer at Greensboro, N.C.-based Tanger Factory Outlet Centers. "The nine centers, most of which are located in high volume resort locations, are an excellent geographic fit with our existing portfolio and offer considerable opportunities for future growth."
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