Tanger is a factory outlet REIT that operates 33 centers (6.2 million sf gla) in 20 states coast to coast. Blackstone Real Estate Advisors–-part of the The Blackstone Group, a private investment bank--has raised four funds representing $4 billion in total equity.
Upon closing of the transaction, which is expected sometime this quarter, Tanger will own one-third and Blackstone will own two-thirds of the joint venture. Tanger will provide operating, management, leasing and marketing services for the properties.
The factory outlets being acquired from Charter Oak are located in: Rehoboth, DE; Riviera Center-Foley, AL; Myrtle Beach, SC; Park City, UT; Hilton Head, SC; Lakes Region-Tilton, NH; Lincoln City, OR; Westbrook, CT and Tuscola, IL.
The nine properties represent Charter Oak Partners' entire portfolio. Charter Oak president Richard Lewis was not immediately available for comment. Tanger chairman/CEO Stanley Tanger says the acquisition is an "excellent" geographic fit for the company and is in line with the company's strategy of creating an increased presence in high-end resort locations.
"We will add value to these centers," he says. "We will formulate an extensive re-merchandising strategy and look to enhance the centers and occupancy rates by adding additional upscale tenants …."
Upon completion of the transaction, Tanger's portfolio will grow to 42 centers with 9.5 million sf. The New York-based international investment banking partnership Compass Advisers LLP advised Tanger on the transaction.
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