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Tanger buys outlet center from Simon Property

Associated Press
June 28, 2011
Keywords
Commercial Real Estate, Real Estate & Retail, Real Estate Investment Trust, Real estate deals, Retail Development, Simon Property Group
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Tanger Factory Outlet Centers Inc. said Tuesday it bought an Ohio outlet shopping center from Indianapolis-based Simon Property Group Inc. for $134 million.

Greensboro, N.C.-based Tanger said it used a $150 million bridge loan from Wells Fargo to make the purchase. CEO Steven Tanger said the center "should provide an accretive investment for our shareholders" and marks the company's first outlet center in Ohio.

The Prime Outlets at Jeffersonville has more than 90 stores in five buildings totaling 410,000 square feet.

Simon is making the deal to comply with a Federal Trade Commission requirement. The FTC ordered Simon to divest one of its two outlet centers in southwest Ohio for competition-related reasons last year after Simon acquired Prime Outlets Acquisition Co. for about $2.3 billion.

Shares of Tanger, a real estate investment trust, fell 48 cents, or 1.8 percent, to close at $26.10; while Simon shares rose 28 cents to finish at $114.04.

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