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Tanger Factory Outlets Sells Four Non-Core Centers for $131M

“By completing these asset sales, we are strengthening the overall quality, reducing the average age, and improving the longer-term growth profile of the portfolio,” says Steven B. Tanger, CEO of Tanger Factory Outlet Centers.

Tanger Factory Outlet Centers has sold a total of four properties in North Carolina, Maryland, Utah and Iowa. Tanger Factory Outlet Centers has sold a total of four properties in North Carolina, Maryland, Utah and Iowa.

GREENSBORO, NC—Tanger Factory Outlet Centers Inc. reports it has sold four non-core outlet centers for $130.5 million. The four outlet center properties are located in Nags Head, NC; Ocean City, MD; Park City, UT and Williamsburg, IA.

Initially, Tanger expects to use the $128.7 million of net proceeds from the sale of the four unencumbered assets to repay balances under its lines of credit. Ultimately, it intends to allocate the proceeds between opportunistically repurchasing its common shares and reducing outstanding debt balances to maintain a strong and flexible balance sheet.

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John Jordan

John Jordan

John Jordan is a veteran journalist with 36 years of print and digital media experience.

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