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Tanger Acquires 100% Ownership of Georgia, US Shopping Mall Chain.


16 August 2016 - North Carolina-based REIT Tanger Factory Outlet Centers, Inc. (NYSE: SKT) now owns 100% of Georgia-based shopping mall chain Tanger Outlets Savannah after the redemption of its partner's ownership interest on 12 August, 2016, the company said.

The joint venture distributed all outparcels along with USD 15m in cash consideration from Tanger with borrowing under its unsecured lines of credit to the other partner in exchange for the partner's ownership interest.

Tanger paid a capitalisation rate of approximately 5.9% based on a valuation of USD 197m for the outlet center and the company's forecasted 2017 property level net operating income.

The property is subject to a mortgage loan with the ability to borrow up to USD 100.9m, of which USD 96.9m was outstanding as of August 12, 2016.

Tanger expects the transaction to be approximately neutral to 2016 funds from operations per share, excluding acquisition costs, based on in-place financing.

Tanger Factory Outlet Centers is a publicly-traded REIT headquartered in Greensboro, North Carolina that presently operates and owns, or has an ownership interest in, a portfolio of 43 upscale outlet shopping centers and one additional centre currently under construction.

The company's operating properties are located in 21 states coast to coast and in Canada.

Country: USA

Sector: Construction/Real Estate

Target: Tanger Outlets Savannah

Buyer: Tanger Factory Outlet Centers


Deal size in USD: 15m

Type: LBO

Financing: Cash

Status: Closed

Buyer advisor: , ,

Comment: Buyout of JV

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Publication:M & A Navigator
Date:Aug 16, 2016
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