Tanger, Blackstone Buying Outlet Centers

Tanger Factory Outlet Centers, Greensboro, N.C., and an affiliate of New York-based Blackstone Real Estate Advisors are acquiring a portfolio of nine factory outlet centers from Charter Oak Partners for $491 million, including the assumption of about $187 million of debt.The approximately 3.3 million-square-foot portfolio is being acquired through a joint venture in which Tanger has a one-third interest and Blackstone a two-thirds interest, Tanger said. Stanley K. Tanger, Tanger's chairman and chief executive officer, said he expects the acquisition to further the company's strategy of "creating an increased presence in high-end resort locations." The acquisition is also adding to Tanger's current portfolio of 33 properties. Tanger will manage the properties on behalf of the joint venture.