IBJNews

Tanger buys outlet center from Simon Property

Back to TopCommentsE-mailPrintBookmark and Share

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.

ADVERTISEMENT

Post a comment to this story

COMMENTS POLICY
We reserve the right to remove any post that we feel is obscene, profane, vulgar, racist, sexually explicit, abusive, or hateful.
 
You are legally responsible for what you post and your anonymity is not guaranteed.
 
Posts that insult, defame, threaten, harass or abuse other readers or people mentioned in IBJ editorial content are also subject to removal. Please respect the privacy of individuals and refrain from posting personal information.
 
No solicitations, spamming or advertisements are allowed. Readers may post links to other informational websites that are relevant to the topic at hand, but please do not link to objectionable material.
 
We may remove messages that are unrelated to the topic, encourage illegal activity, use all capital letters or are unreadable.
 

Messages that are flagged by readers as objectionable will be reviewed and may or may not be removed. Please do not flag a post simply because you disagree with it.

Sponsored by
ADVERTISEMENT

facebook - twitter on Facebook & Twitter

Follow on TwitterFollow IBJ on Facebook:
Follow on TwitterFollow IBJ's Tweets on these topics:
 
thisissue1-092914.jpg 092914

Subscribe to IBJ
ADVERTISEMENT