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NORTH CAROLINA BASED CORPORATION TO BECOME NATION'S LARGEST OWNER, DEVELOPER OF FACTORY OUTLET CENTERS

 NORTH CAROLINA BASED CORPORATION TO BECOME NATION'S LARGEST OWNER,
 DEVELOPER OF FACTORY OUTLET CENTERS
 Outlet Properties Corp. to Acquire 21 VF Factory Outlet Centers
 SMITHFIELD, N.C., March 13 /PRNewswire/ -- North-South Management Corporation, North Carolina-based developer of factory outlet shopping centers in the Southeast, has announced the formation of Outlet Properties Corporation, which will acquire 21 VF Factory Outlet Centers and four Carolina Pottery Outlet Centers.
 The acquisition will make the new company the largest developer of outlet shopping centers in the United States, with a total of some 2.7 million square feet of gross leasable space. All 25 centers will operate under a new name, Factory Stores of America.
 "These 25 outlet centers include over 100 of the best known manufacturers and retailers in the country," said J. Dixon Fleming, Jr., chairman of Outlet Properties Corp. and North-South Management Corporation, which will develop, lease and manage the new property group.
 "We believe North-South Management has established a reputation as a developer and property manager that manufacturers can depend on," Fleming said. "Combining the VF Factory Outlet Centers and Carolina Pottery Outlet Centers under singular ownership and management virtually assures that the track record and tenant relationships of Outlet Properties Corp. will be among the very best in the outlet center industry."
 Outlet Properties intends to maximize the value and income of the initially acquired properties through intensive marketing and management strategies, Fleming said. "We plan to significantly expand those properties which have excess land and demonstrated tenant demand," he explained. Preliminary expansion plans call for the addition of 400,000 sq. ft., which will boost the total GLA to over 3 million sq. ft., Fleming noted.
 The company has at least one new construction project on the boards, a 235,000 sq. ft. center planned for Nashville, Tenn. Existing properties total 420 developed acres and 205 acres reserved for expansion.
 VF Factory Outlet Centers to be acquired by Outlet Properties Corp. are located in Boaz, Ala.; Mesa and Tucson, Ariz.; Graceville, Fla.; West Frankfort, Ill.; Story City, Iowa; Carrollton and Hanson, Ky.; Arcadia and Iowa, La.; Tupelo, Miss.; Lebanon, Mo.; Nebraska City, Neb.; Crossville and Union City, Tenn.; Corsicana, Hempstead, Livingston, Mineral Wells and Sulphur Springs, Texas; and Draper, Utah.
 Outlet centers developed by North-South Management that will be acquired by the new company include Carolina Pottery Outlet Centers in Smithfield, N.C.; Lake Park, Ga.; Tri-Cities, Tenn.; and Georgetown, Ky.
 Total value of the transaction is $160 million. The investment banking firm Lazard Freres & Company, New York, has been engaged by North-South Management, Fleming said.
 Outlet Properties Corp. will name an ongoing advisory board consisting of its management team and outside executives with leadership roles in the outlet and retail industries.
 North-South Management will provide Outlet Properties Corp. with executive management and advisory services, property development services, property leasing and management, and capital formation advisory services. Officers include J. Dixon Fleming Jr., chairman; David A. Hodson, president and chief executive officer; John M. Slocum, executive vice president and chief operating officer; Connell Radcliff, vice president of leasing; and R. Kenneth Langston, vice president of administration.
 -0- 3/13/92
 /CONTACT: David Hodson, President and Chief Executive Officer, 919-934-9446, or Kaye Lasater, 919-546-0018, both of Outlet Properties Corp./ CO: North-South Management Corporation; Outlet Properties Corp.;
 VF Factory Outlet Centers; Carolina Pottery Outlet Centers;
 Factory Stores of America ST: North Carolina IN: REA SU: TNM


CM-DF -- CH006 -- 7926 03/13/92 16:09 EST
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Publication:PR Newswire
Date:Mar 13, 1992
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