Simon Property Group and Tanger Outlets Celebrate the Start of Construction on
Charlotte Premium Outlets® With a Groundbreaking Ceremony on September 20,
INDIANAPOLIS and GREENSBORO, N.C., Sept. 20, 2013
INDIANAPOLIS and GREENSBORO, N.C., Sept. 20, 2013 /PRNewswire/ --Simon
Property Group, Inc. (NYSE: SPG) and Tanger Factory Outlet Centers, Inc.
(NYSE: SKT), announced today that construction of Charlotte Premium Outlets
will begin on September 20, 2013. The first phase of the planned 400,000
square foot center will open in summer 2014. The project is a 50/50 joint
venture between Simon and Tanger.
Charlotte Premium Outlets, an upscale, Premium Outlet Center serving the
greater Charlotte market, will be located 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. More than 900 full and part-time
jobs will be created once the center is completed plus there will be more than
400 local construction jobs to be filled during development.
The center will feature Saks Fifth Avenue OFF 5^TH and many other great
brands. In total, over 90 high-quality outlet stores will be located at
Charlotte Premium Outlets.
"We are pleased to partner with Tanger to bring great outlet shopping to
Charlotte," said John R. Klein, President of Simon's Premium Outlets division.
"Charlotte Premium Outlets will feature an outstanding collection of many of
the finest brands, offering value, quality and selection all in one convenient
location. The project will also create hundreds of new jobs and significant
economic development for the area."
"We are happy to welcome Charlotte Premium Outlets to our region," said
Charlotte Mayor Patsy Kinsey. "Simon and Tanger have come together to make a
significant investment in our community, and we look forward to the hundreds
of jobs the outlets are projected to create and the impact they will have on
our local economy."
"The Ground Breaking will mark another new chapter in our long-standing
investment in the State of North Carolina," said Steven B. Tanger, President
and Chief Executive Officer of Tanger Outlets. "With our partners at Simon
Property Group, we look forward to delivering a world-class outlet shopping
experience to the local residents and visitors to the dynamic Queen City of
Charlotte, North Carolina."
Tanger is providing site development and construction supervision to the
venture;Simon is providing management services and marketing.
About Simon Property Group
Simon Property Group, Inc. (NYSE: SPG) is an S&P 100 company and a global
leader in the retail real estate industry. The Company currently owns or has
an interest in more than 325 retail real estate properties in North America
and Asia comprising approximately 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
Simon's Premium Outlets^® portfolio features 81 Premium Outlet Centers^®
including 65 in the United States, one in Puerto Rico, nine in Japan, three in
South Korea, and one each in Canada, Malaysia and Mexico. Premium Outlet
Centers in the United States are located primarily in or near major
metropolitan markets such as New York, Los Angeles, Boston and Chicago and
visitor markets such as Orlando, Las Vegas and Palm Springs. Premium Outlets
properties are distinguished by their unparalleled mix of leading designers
and name brands selling direct to consumers at significant savings with each
being an architecturally distinct village setting with charm and ambiance.
About Tanger Factory Outlet Centers
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 effect on the local economy, the
opportunities for employment, the success of the center, 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, 2012. 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.; Tanger Factory Outlet Centers, Inc.
Contact: Coleen Conklin, Premium Outlets | Simon, 973.228.6111,
Press spacebar to pause and continue. Press esc to stop.