Simon Property Group and Tanger Factory Outlet Centers Announce a Joint
Venture to Develop Two New Outlet Projects in the United States
Properties will be located in Charlotte, North Carolina and Columbus, Ohio
INDIANAPOLIS and GREENSBORO, N.C., Nov. 28, 2012
INDIANAPOLIS and GREENSBORO, N.C., Nov. 28, 2012 /PRNewswire/ -- Simon
Property Group, Inc. (NYSE: SPG), the world's leading retail real estate
company and Tanger Factory Outlet Centers, Inc. (NYSE: SKT) announced today
they plan to develop two new upscale outlet centers in Charlotte, North
Carolina and Columbus, Ohio.
The announcement follows the successful opening of Tanger Outlets in Texas
City, TX last month. That center was developed through a 50/50 joint venture
between Simon and Tanger and is located approximately 30 miles south of
Houston and 20 miles north of Galveston on highly-traveled Interstate 45.
The two companies intend to build the350,000 square foot center in Charlotte
in a location previously announced by Tanger, eight miles southwest of uptown
Charlotte at the interchange of I-485 and Steele Creek Road (NC Highway 160),
the two major thoroughfares for the city. There is also the potential of a
50,000 square foot expansion from the first phase of the project.
This outlet will be branded as Charlotte Premium Outlets®. Tanger will provide
site development and construction supervision to the venture;Simon will
provide management services and marketing to the joint venture.Both companies
will provide leasing services, and expect the center to have its grand opening
in the spring of 2014. When completed, the center will be home to more than
90 upscale brand name and designer outlet stores.
Simon and Tanger also plan to build an approximately350,000 square foot
center in Columbus. The new outlet center will be located off of the heavily
traveled I-71, 20 miles north of downtown and 11 miles north of I-270 in a
flourishing part of the expanding Columbus metropolitan area.
This outlet will be branded as Tanger Outlets. Simon will provide site
development and construction supervision to the venture; Tanger will provide
management services and marketing to the joint venture.Both companies will
provide leasing services, and expect this center to have its grand opening in
time for the 2014 holiday season. When completed, the center will be home to
more than 90 upscale brand name and designer outlet stores.
"We are pleased to partner with Tanger to bring great outlet shopping to both
Charlotte and Columbus," said John R. Klein, President of Simon's Premium
Outlets platform. "Both of these projects provide the most compelling
locations for our merchants and our customers and will best serve the
Charlotte and Columbus communities. Our recent joint venture in Texas City,
Texas has gotten off to a great start and we look forward to developing two
more successful projects together."
"Our focus remains to deliver the best outlet centers to our customers,
tenants and shareholders," stated Steven B. Tanger, President and Chief
Executive Officer of Tanger Factory Outlet Centers, Inc. He continued, "Our
plans to enter into a joint venture with Simon in Charlotte and Columbus are
strategic in delivering world class outlet centers to two new cities. Each
will be a must visit value destination and an excellent experience for our
Both new projects are expected to create a significant economic impact and
many opportunities for employment. During each center's approximately
year-long building phase, Tanger and Simon expect approximately 300
construction jobs will be created at each site. The retailers are expected to
employ more than 900 in full and part-time retail management and sales jobs at
each center when open.
About Simon Property Group
Simon Property Group, Inc. (NYSE:SPG) is an S&P 100 company and the largest
real estate company in the world. The Company currently owns or has an
interest in 331 retail real estate properties in North America and Asia
comprising 241 million square feet. We are headquartered in Indianapolis,
Indiana and employ approximately 5,500 people in the U.S. For more
information, visit the Simon Property Group website at www.simon.com.
The Premium Outlets® portfolio includes 73 Premium Outlet Centers® including
60 in the United States, one in Puerto Rico, eight in Japan, two in Korea, one
in Malaysia and one in Mexico.
About Tanger Factory Outlet Centers, Inc.
Tanger Factory Outlet Centers, Inc. (NYSE:SKT) is a publicly-traded REIT
headquartered in Greensboro, North Carolina that operates and owns, or has an
ownership interest in, a portfolio of 43 upscale outlet shopping centers in 26
states coast to coast and in Canada, totaling approximately 12.9 million
square feet leased to over 2,700 stores operated by more than 460 different
brand name companies. More than 175 million shoppers visit Tanger Factory
Outlet Centers annually.For more information on Tanger Outlet Centers, call
1-800-4-TANGER or visit our website at www.tangeroutlet.com.
This news release contains forward-looking statements within the meaning of
federal securities laws. These statements include, but are not limited to, the
development and opening of a new center, the timing of the expected ground
breaking event, the effect on the local economy, the opportunities for
employment, the success of the centers, as well as management's beliefs,
plans, estimates, intentions, and similar statements concerning anticipated
future events, results, circumstances, performance or expectations that are
not historical facts. These forward-looking statements are subject to risks
and uncertainties, and therefore, actual results could differ materially from
those projected. For a more detailed discussion of the factors that affect the
operating results of Tanger and Simon, interested parties should review each
respective company's Annual Report on Form 10-K for the fiscal year ended
December 31, 2011. Those factors include, but are not limited to, the risks
associated with general economic and local real estate conditions, each
company's ability to meet its obligations on existing indebtedness or
refinance existing indebtedness on favorable terms, the availability and cost
of capital, each company's ability to lease its properties or to meet its
minimum pre-leasing hurdles on proposed new developments, each company's
inability to collect rent due to the bankruptcy or insolvency of tenants or
otherwise, and competition.
SOURCE Simon Property Group, Inc.
Contact: Michele Rothstein, Simon Property Group, +1-973-228-6111,
firstname.lastname@example.org; or Quentin Pell, Tanger Factory Outlet Centers,
Inc., +1-336-834-6827, email@example.com
Press spacebar to pause and continue. Press esc to stop.