Tanger to acquire three centers in New Jersey, Maryland, and Ohio for US$400M in effort to remain ahead of competitors working on developing projects, will expand asset base by 12%, analyst says

LOS ANGELES , May 12, 2011 () – Tanger Factory Outlet Centers Inc. will acquire three centers for US$400 million, the company disclosed in a quarterly report filed with the Securities and Exchange Commission this week, in an effort to remain ahead of competitors, The Wall Street Journal reported May 11.

Baltimore, Maryland-based The Cordish Companies is selling two of its outlets, located in Atlantic City, New Jersey, and Ocean City, Maryland, for US$125 million. Tanger will also assume US$75M in debt.

Tanger will also acquire Simon Property Group Inc.’s Prime Outlets Jeffersonville in Ohio.

Cedrik Lachance, an analyst for Green Street Advisors, said in a research report this week that Tanger, which owns 34 outlet centers in the U.S., “is on the verge of expanding its asset base by 12%,” Bloomberg reported.

The primary source of this article is The Wall Street Journal, New York, New York, on May 11, 2011.

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