Tanger, Blackstone Affiliate Buying Nine Outlet Centers for $491M

GREENSBORO, NC-Charter Oak Partners of Vienna, VA has agreed to sell nine factory outlet centers totaling approximately 3.3 million sf to an LLC that includes locally based Tanger Factory Outlet Centers Inc. and an affiliate of New York-based Blackstone Real Estate Advisors. The agreed upon purchase price is $491 million, including the assumption of $187 million in debt.

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.