Tanger Outlet Centers Acquires Atlantic City Outlets The Walk and Ocean City Factory Outlets for $199.3M

Tanger Factory Outlet Centers,SKT, today announced closing on its admission into three existing entities that results in it acquiring substantially all of the economic interests in Phase I & II of Atlantic City Outlets The Walk (Atlantic City, New Jersey) and Ocean City Factory Outlets (Ocean City, Maryland). The combined acquisition price of $199.3 million consists of approximately $125.8 million in cash and the assumption of approximately $73.5 million of indebtedness, and also includes Phase III of Atlantic City Outlets, which is anticipated to close later this year. "We are delighted to acquire these interests in these two properties, which increase Tanger's geographic presence in the great states of New Jersey and Maryland. Both properties have excellent locations in densely populated, well established tourist/resort areas with a high quality line-up of retailers," stated Steven B. Tanger, President and Chief Executive Officer.